Fundstrat’s Tom Lee Predicts Cryptocurrency Surge if Trump Wins 2024 Election
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Fundstrat Global Advisors co-founder Tom Lee believes cryptocurrencies could see significant growth if Donald Trump wins the upcoming US presidential election.
Appearing on CNBC’s *SquawkBox*, Lee discussed the potential positive impact of a Trump victory on risk assets like Bitcoin.
“The markets are believing Trump’s probabilities of winning are stronger than what they’re showing,” says @fundstrat Tom Lee. “When the market becomes more convinced of that, you’ll see cyclicals, small caps, and bitcoin do better because those are clear policy differences.” pic.twitter.com/AwGDVE9eM1
— Squawk Box (@SquawkCNBC) August 22, 2024
He noted that markets are increasingly betting on Trump’s chances, which they rate more favorably than current polls suggest.
He stressed that Trump’s pledge to cut the corporate tax rate to 15%, compared to Democratic candidate Kamala Harris’ proposed 28% increase, could further boost market confidence.
Additionally, Trump’s supportive stance on Bitcoin, including plans to protect it and create a national Bitcoin reserve, is seen as a potential catalyst for higher prices.
Lee also commented on Bitcoin’s resilience following the sharp market decline in early August triggered by macroeconomic concerns from Japan. Although BTC fell below $50,000 on August 5, he noted that it has weathered the downturn well. He concluded by criticizing the Federal Reserve for being late in cutting interest rates, suggesting that more aggressive cuts would be beneficial.
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