Analysis: The halving cycle effect plus Trump's deregulation may boost BTC higher
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Odaily Planet Daily Report: Mark Palmer, a senior analyst at investment bank The Benchmark Company, pointed out that in the past three halving events, Bitcoin has seen "significant upward movement" in the following 14-16 months, proving that changes in supply and demand have an impact on the prices of cryptocurrencies. Bitcoin's price may also be supported by a more crypto-friendly environment, as investors expect that Trump's second term could help drive up cryptocurrency prices. Traders are anticipating that the president-elect, who has been dubbed the "Cryptocurrency President", will relax regulations and may even establish a Bitcoin strategic reserve, which he proposed a few months before the election. It is also reported that Trump is interviewing candidates for a White House position specifically focused on cryptocurrency policy, and the winner may be given the title of the first-ever "Cryptocurrency Czar". Mark Palmer believes that this role itself would be beneficial for Bitcoin. He said: "The mere fact that someone will be focused on making the United States a leader in cryptocurrencies and Bitcoin mining is a huge change."
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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