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Will Crypto Thrive Beyond Election Results? ETFs in Focus
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Despite the recent volatility, the outlook for cryptocurrencies remains optimistic. The players in this space are likely to receive some respite if Donald Trump, who is a pro-cryptocurrency presidential candidate, resumes office for a second term.
This increases the likelihood of relaxed crypto laws and regulations, which would strengthen the legitimacy of digital currency, building on Wall Street's growing embrace of the asset. With Kamala Harris looking to soften the Biden administration’s stern stance on cryptocurrency, the outlook for the digital asset remains optimistic if the Democrats win.
What Will Trump's Election Win Mean for Cryptocurrencies?
If Trump gets a second term as President, it might lead to a surge in digital asset prices while paving the way for clearer regulations and wider acceptability. After Trump’s bullish comments on the digital asset at BTC 2024, Bitcoin prices started to rally, nearly breaching the $70,000 mark, before losing its momentum.
According to a campaign aide, as quoted on CNBC, Trump has garnered more than $4 million through a variety of digital tokens. U.S. Ohio Senator JD Vance, the Republican nominee for Vice President, also has a pro-crypto stance, advocating for relaxed regulations. This further strengthens the bullish outlook for the future of digital currency.
Trump, at the said conference, pledged to maintain the current holding of seized Bitcoin by the U.S. Government and hinted at possibly firing SEC Chair Gary Gensler, per Coindesk.
Per CNBC, Trump stopped short of committing to creating an official U.S. Bitcoin strategic reserve during his keynote speech at the conference. Although, not an easy task, a reserve for Bitcoin would strengthen the validity of the cryptocurrency, resulting in a rallying Bitcoin price.
According to Marathon Digital’s CEO Fred Thiel, as quoted on CNBC, the decision of the United States to create a strategic Bitcoin reserve will likely lead to other countries following suit, removing a significant amount of Bitcoin from circulation and boosting its price.
Crypto Landscape Under Kamala Harris
According to Financial Times, as quoted in Fortune, advisers to Vice President Harris's campaign have been reaching out to key figures in the crypto industry to build relationships that could shape future regulatory frameworks.
With the Biden administration being perceived as being tough on cryptocurrencies, Vice President Harris’s efforts to improve her Democratic party’s relationship with the sector can be seen as a positive development.
According to CNBC, the crypto industry has increasing bipartisan support in Congress, with more than a dozen House Democrats and congressional candidates urging the Democratic National Committee to adopt a pro-crypto stance and select a SEC chair who supports innovation.
ETFs to Consider
Regardless of whether Trump or Harris wins the election, the outlook for cryptocurrency remains positive. Both Presidential candidates are poised to support favorable regulations for digital assets. Trump's victory may lead to more relaxed policies that benefit crypto further, whereas Harris's win is also likely to support the sector. Overall, it is a win-win situation for the cryptocurrency industry.
Below, we have mentioned a few ETFs for investors to increase their portfolios’ exposure to digital currencies and capitalize on their long-term bullish trend.
IShares Bitcoin Trust Registered (IBIT - Free Report) has gained about 10% over the past month.
Grayscale Bitcoin Trust (GBTC - Free Report) has fallen 1.4% over the past month.
Fidelity Wise Origin Bitcoin Fund (FBTC - Free Report) has risen 9.70% over the past month.
ARK 21Shares Bitcoin ETF (ARKB - Free Report) has gained 9.70% over the past month.
Bitwise Bitcoin ETF Trust (BITB - Free Report) has grown 9.80% over the past month.
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Will Crypto Thrive Beyond Election Results? ETFs in Focus
Despite the recent volatility, the outlook for cryptocurrencies remains optimistic. The players in this space are likely to receive some respite if Donald Trump, who is a pro-cryptocurrency presidential candidate, resumes office for a second term.
This increases the likelihood of relaxed crypto laws and regulations, which would strengthen the legitimacy of digital currency, building on Wall Street's growing embrace of the asset. With Kamala Harris looking to soften the Biden administration’s stern stance on cryptocurrency, the outlook for the digital asset remains optimistic if the Democrats win.
What Will Trump's Election Win Mean for Cryptocurrencies?
If Trump gets a second term as President, it might lead to a surge in digital asset prices while paving the way for clearer regulations and wider acceptability. After Trump’s bullish comments on the digital asset at BTC 2024, Bitcoin prices started to rally, nearly breaching the $70,000 mark, before losing its momentum.
According to a campaign aide, as quoted on CNBC, Trump has garnered more than $4 million through a variety of digital tokens. U.S. Ohio Senator JD Vance, the Republican nominee for Vice President, also has a pro-crypto stance, advocating for relaxed regulations. This further strengthens the bullish outlook for the future of digital currency.
Trump, at the said conference, pledged to maintain the current holding of seized Bitcoin by the U.S. Government and hinted at possibly firing SEC Chair Gary Gensler, per Coindesk.
Per CNBC, Trump stopped short of committing to creating an official U.S. Bitcoin strategic reserve during his keynote speech at the conference. Although, not an easy task, a reserve for Bitcoin would strengthen the validity of the cryptocurrency, resulting in a rallying Bitcoin price.
According to Marathon Digital’s CEO Fred Thiel, as quoted on CNBC, the decision of the United States to create a strategic Bitcoin reserve will likely lead to other countries following suit, removing a significant amount of Bitcoin from circulation and boosting its price.
Crypto Landscape Under Kamala Harris
According to Financial Times, as quoted in Fortune, advisers to Vice President Harris's campaign have been reaching out to key figures in the crypto industry to build relationships that could shape future regulatory frameworks.
With the Biden administration being perceived as being tough on cryptocurrencies, Vice President Harris’s efforts to improve her Democratic party’s relationship with the sector can be seen as a positive development.
According to CNBC, the crypto industry has increasing bipartisan support in Congress, with more than a dozen House Democrats and congressional candidates urging the Democratic National Committee to adopt a pro-crypto stance and select a SEC chair who supports innovation.
ETFs to Consider
Regardless of whether Trump or Harris wins the election, the outlook for cryptocurrency remains positive. Both Presidential candidates are poised to support favorable regulations for digital assets. Trump's victory may lead to more relaxed policies that benefit crypto further, whereas Harris's win is also likely to support the sector. Overall, it is a win-win situation for the cryptocurrency industry.
Below, we have mentioned a few ETFs for investors to increase their portfolios’ exposure to digital currencies and capitalize on their long-term bullish trend.
IShares Bitcoin Trust Registered (IBIT - Free Report) has gained about 10% over the past month.
Grayscale Bitcoin Trust (GBTC - Free Report) has fallen 1.4% over the past month.
Fidelity Wise Origin Bitcoin Fund (FBTC - Free Report) has risen 9.70% over the past month.
ARK 21Shares Bitcoin ETF (ARKB - Free Report) has gained 9.70% over the past month.
Bitwise Bitcoin ETF Trust (BITB - Free Report) has grown 9.80% over the past month.