US Election Could Trigger Major Shifts in Crypto Market, Economist Warns
01.09.2024 8:30 2 min. read Alexander Stefanov
In a recent interview on the Unchained Podcast YouTube channel, economist Alex Krüger discussed how the upcoming US presidential election could impact the cryptocurrency market.
According to Krüger, altcoins are likely to perform better if former President and Republican nominee Donald Trump wins the election.
On the other hand, he believes that if the Democratic nominee and current Vice President Kamala Harris prevails, Bitcoin (BTC) might emerge as the strongest performer in the crypto market.
Krüger suggests that a Democratic victory would favor Bitcoin, while a Republican win would create a stronger case for investing in the Solana ETF and altcoins more broadly. He also notes that this could be an opportune moment to focus on decentralized finance (DeFi), as there is a growing belief that some DeFi assets are currently undervalued.
Under a Trump administration, which is perceived as more crypto-friendly, DeFi could potentially thrive, while Harris might be less supportive of the broader cryptocurrency market. Krüger emphasizes that Bitcoin is often viewed as digital gold rather than a typical cryptocurrency, which plays a role in his analysis.
He also pointed out that the crypto market is likely to experience significant volatility on election night as results begin to come in. For traders, staying alert throughout the night could be crucial, as shifts in the odds may require quick and decisive actions depending on which candidate appears to be gaining the upper hand.
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