Investment bank Jefferies: Trump's "open" support for Bitcoin will benefit crypto-related stocks

Odaily Odaily News: Analysts at Wall Street investment bank Jefferies believe that former US President Donald Trump's "open support" for Bitcoin and cryptocurrencies, coupled with expected higher inflation, larger fiscal deficits, and political pressure on the Federal Reserve, could weaken the dollar's dominance as a store of wealth. Analysts said in a research report shared on July 19 that such an environment would be very beneficial to crypto-related stocks and gold miners. This phenomenon has played a role in the rebound of crypto stocks and the broader market after Trump's assassination. As Trump's probability of winning the 2024 presidential election rises, these policies have become increasingly important to investors. Jefferies highlighted five key policies proposed by Trump that could have a significant impact on the stock market, with a special focus on its benefits to crypto stocks. Jefferies has identified several crypto-related stocks that could benefit significantly from these policies, including Coinbase and MicroStrategy and almost all major listed Bitcoin mining companies, including Marathon Digital, Riot Platforms and Cipher Mining, in addition to CME Group, Square and Paypal. (CryptoSlate)