Fundstrat’s Tom Lee says that the financial markets becoming more convinced of Donald Trump’s win in the United States election will lead to a growth in Bitcoin and related crypto stocks. Donald Trump has pledged support to Bitcoin moving away from the present phase. Industry stocks remain tied to the performance of Bitcoin, altcoins, and other blockchain developments.
Tom Lee hinted that the market believes Donald Trump’s numbers are higher than the polls. In a recent CNBC interview, the financial expert noted that if the market becomes more convinced of a Trump win, it will spark an effect in Bitcoin and crypto stocks. The U.S. elections continue to shape the financial markets with candidates rolling out their economic policies.
“The markets are believing Trump’s probabilities of winning are stronger than what the polls are showing, but I think that when the market becomes more convinced of that, you’ll see cyclical, small caps, and bitcoin do better because those are clear policy differences.”
The Fundstat’s co-founder added the past couple of days signals the market might be betting on a Trump win. Bitcoin is projected to perform better due to Trump’s support for the market leader and recent leanings to the industry. The crypto market has longed for regulatory clarity amid the bottleneck enforcement approach by the Securities and Exchange Commission (SEC) leading to a plethora of lawsuits against digital asset firms.
“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
Crypto stocks ignited upward price movements after the approval of spot Bitcoin ETFs in the United States. As Bitcoin and crypto assets rallied to new highs in Q1, industry stocks notched similar gains. Market commentators say the next bullish phase could be linked to rate cuts and the U.S. elections.
At press time, stocks are in the red zone with Coinbase stock price trading at $199.22, a 3.4% decline today while MicroStrategy (MSTR) price stands at $135, falling 4.48%. Bitcoin mining stocks have also witnessed a decline in the same period. Amid the status quo, Bitcoin miners plan new acquisitions to bolster performance.
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