Bitcoin's The stratospheric rise will continue for at least another eight weeks. That's according to analysts at JPMorgan, America's largest bank.
Analysts at the bank said in a report on Thursday that the largest digital coin by market capitalization will continue to benefit from the Republican victory in the US presidential election.
bitcoin price It soared on the eve of Donald Trump's victory and has continued to rise ever since. According to CoinGecko, the current price is $76,615.
“We expect there to be continued scope for Trump trade spillovers in a manner similar to 2016 over the next eight weeks or so,” the report said.
He added that even though Trump's victory caused Bitcoin to soar and gold to fall, “Trump's policies are likely to support both through 2025.”
JP Morgan Analyst said A report last week said both gold and Bitcoin could benefit from “down trading” as traders seek to hedge against currency weakness and geopolitical headwinds.
They added that a Trump victory would further encourage such trade due to rising geopolitical tensions and the president-elect's tariff orientation. President Trump has said he intends to use tariffs (taxes on imported goods) as a negotiating tool with trading partners, especially China.
Bitcoin has long been touted as an inflation hedge and an asset to invest in during times of uncertainty, but recently it has become highly correlated with Wall Street, especially tech stocks.
Donald Trump, who won both the popular vote and the Electoral College, said he would. Supporting the digital asset industry and raise tariffs.
Both policies could ultimately support Bitcoin, experts say.
Disclaimer
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
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