Analysts at Wall Street investment bank Jefferies believe that former U.S. President Donald Trump’s “public support” for Bitcoin and cryptocurrencies, coupled with expectations of higher inflation, larger fiscal deficits, and Political pressure on the Fed could undermine the dollar's dominance as a store of wealth.
Such an environment would be very beneficial for crypto-related stocks and gold miners, analysts said in a research note shared on July 19. This phenomenon has played out in crypto stocks and the broader market rally following Trump’s assassination.
These policies are becoming increasingly important to investors as Trump's chances of winning the 2024 presidential election increase. Jefferies highlighted five key policies proposed by Trump that could have a significant impact on the stock market, focusing specifically on its benefits for crypto stocks.
Jefferies identified several crypto-related stocks that could significantly benefit from these policies, including Coinbase and MicroStrategy, as well as nearly all major public Bitcoin miners, including Marathon Digital, Riot Platforms, and Cipher Mining, in addition to CME Group, Square and Paypal. (CryptoSlate)
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