Chris Senyek, Chief Investment Strategist at Wolfe Research, recently expressed his views on the potential impact of a Donald Trump win in the 2024 elections on the cryptocurrency market.
What Happened: Senyek suggested that a Trump presidency could ease crypto regulations, benefiting companies like Coinbase Global Inc. (NASDAQ:COIN) due to their significant Bitcoin (CRYPTO: BTC) leverage.
"Trump would be less hard on crypto regulation, and Coinbase would be a big beneficiary of that given their leverage to bitcoin," Senyek said during CNBC's "Last Call" on Tuesday.
"Trump would be less hard on crypto regulation, and Coinbase would be a big beneficiary of that given their leverage to bitcoin," says Wolfe Research's Chris Senyek on what investors should buy if Trump wins the 2024 election. $COIN $BTC pic.twitter.com/tE5LKh2jYi
— Last Call (@LastCallCNBC) July 2, 2024
Why It Matters: Senyek's comments come in the context of former President Donald Trump's reported plans to participate in the Bitcoin 2024 convention, which could reinforce his image as a "Crypto President."
Trump's potential participation in the Bitcoin 2024 convention, a key event in the cryptocurrency calendar, could have significant implications for the industry.
Pratik Kala, Head of Research at DigitalX Limited, has predicted a Trump victory in the upcoming election but warns that immediate crypto-friendly regulations may not be a priority.
A recent report by 10x Research explores the recent Bitcoin price surge and its potential connection to Trump's strong position in the 2024 election race. The report, titled "Is The Bitcoin Trump Pump Sustainable?", highlights a 4% rally in Bitcoin's price following news that President Joe Biden will remain in the race despite a poor performance in the presidential debate.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari