TechFlow news, July 29 — As the cryptocurrency industry grows increasingly significant ahead of the November U.S. presidential election, analysts at research and brokerage firm Bernstein have examined how candidates' positions might impact the market, according to The Block.
Trump made six commitments at the Bitcoin 2024 conference, including a pledge to establish a national strategic bitcoin reserve if elected. Meanwhile, Harris has extended an olive branch to the crypto industry. Bernstein analysts commented: "We believe this olive branch comes somewhat late—the industry will seek more concrete actions (reversing prior missteps) before embracing the Democratic campaign."
The analysts added: "The crypto community and industry clearly recognize that cryptocurrency is no longer a bipartisan issue." They noted that bitcoin price movements indicate rising prices as Trump's chances of winning the presidency increase, while prices remained range-bound after Joe Biden endorsed Harris as a potential successor. "We believe the crypto market will trade entirely top-down based on political dynamics until the election results are announced in early November."
