Emily Walker
After Donald Trump’s election triumph, Bitcoin (BTC) has experienced unprecedented highs.
Bernstein Encourages Clients to Invest in Crypto ASAP
In light of the significant Bitcoin price rise following the election results, Bernstein analysts are optimistic about the potential growth of the entire cryptocurrency sector.
In a note to clients dated November 11, Bernstein’s analysts advised their clients to invest in digital assets without delay.
Gautam Chhugani, who leads the digital assets team at Bernstein, expressed a robust outlook on the crypto market, urging investors to embrace the bullish trend and purchase actively.
Bernstein’s positive sentiment coincides with a remarkable 20% increase in the total crypto market capitalization, which rose from about $2.41 trillion to $2.92 trillion since the election.
Highlighting Trump’s favorable view of cryptocurrencies, Chhugani encouraged cautious investors to reconsider their stance on digital assets, despite any regulatory apprehensions.
It’s important to note that Trump has stated intentions to replace the current SEC chair, Gary Gensler, who is often criticized by the crypto community for his stringent regulations.
Under a new pro-crypto SEC leadership, the regulatory environment could become more beneficial for cryptocurrency businesses in the United States.
There are whispers that Trump may propose Richard Farley, an experienced attorney from Wall Street, as Gensler’s successor, although this remains unconfirmed.
Other Republican leaders, like Vice President JD Vance and Vivek Ramaswamy, have also shown support for Bitcoin, reinforcing optimism for the crypto market under Trump’s administration.
Holding Bitcoin is Now Justified Post-Trump’s Election
Along with Bernstein’s insights, Greg Cipolaro from New York Digital Investment Group noted that concerns about holding Bitcoin have diminished following Trump’s election victory. He stated:
With Republicans now in control of the presidency and Congress, key government agencies like the SEC and Treasury are poised to adopt a more crypto-friendly approach. The new leadership is expected to see digital assets as avenues for growth and innovation rather than just regulatory issues.
Recent trading trends in crypto ETFs hint that institutional investors may be gearing up for a significant jump in digital assets, focusing particularly on Bitcoin.
For instance, BlackRock’s IBIT spot Bitcoin ETF recently recorded assets worth $33.2 billion, surpassing its gold ETF, which holds approximately $32.9 billion.
Bernstein had forecasted that Bitcoin could reach $200,000 by the end of next year, a figure they consider conservative. VanEck’s CEO anticipates an even higher target of $300,000 by April 2025.
Further adoption could propel Bitcoin’s price higher. Recently, Microsoft revealed plans to evaluate investing in BTC in its filing with the SEC.
As of the latest update, Bitcoin is trading at $81,912, marking a 2.8% increase within the last 24 hours, and its market dominance stands at 59.36%.