For Bitcoin miners, it’s shaping up goldilocks scenario against the backdrop of the “Trump factor”. This is written by The Block citing Bernstein analysts.
Gautam Chhugani and Mahika Sapra suggest that in the current conditions, the quotations of companies in the segment will start to grow and their shares should be bought.
The price of the first cryptocurrency has recovered to around $63,000 after the failed assassination attempt on Donald Trump, the Republican presidential candidate.
According to the decentralized platform Polymarkethis chances of winning the election jumped to 71%, up from 60% at the time of the incident. Incumbent President Joe Biden’s chances are 18%.
Analysts noted that the market interprets Trump’s potential return to the presidency as a “more positive” factor for the crypto industry, given the strict existing regulations. In recent months, the politician has repeatedly spoken out in support of digital assets and promised support for mining.
They said that additional favorable factors for U.S. miners include ample access to electricity and the ability to diversify into AI. They also pointed to the country’s improving cryptocurrency mining technology, as Jack Dorsey’s Block has already struck a deal to supply Core Scientific with its new 3nm chips.
Chhugani and Sapra also reiterated their prediction for Bitcoin to reach $200,000 by the end of 2025, rising to $1 million over the next eight years.
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Source: Cryptocurrency
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