A widely followed economist believes that the outcome of this November’s US presidential election could have significant ramifications for the crypto market.
In a new interview on the Unchained Podcast YouTube channel, economist Alex Krüger says that altcoins will likely fare better if former US president and Republican nominee Donald Trump prevails.
However, if the Democratic nominee and current Vice President Kamala Harris wins, he says Bitcoin (BTC) would likely be the best market performer.
“If the Democrats win, you want to do Bitcoin. And if Republicans win, it should be a bet on the Solana ETF (exchange-traded fund) and on altcoins in general. Maybe this is a good opportunity to talk about DeFi (decentralized finance)…
There is a narrative building up in crypto, basically talking about how fairly valued or attractive some DeFi names are. And if that were to be the case, it would make sense for that niche to do well under Trump with a view that basically Republicans are pro-crypto, and Harris is against [it], and Bitcoin is not necessarily crypto. Bitcoin is digital gold. So that’s the reasoning.”
He also says that the crypto market will likely experience volatility on election night as vote results start coming in.
“It is going to be such a big trade election night… That’s a moment if you’re trading, you want to stay up all night long, and when the odds are tilting one way or another, you really jam it like max long or the opposite.”
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