A widely followed economist believes that the outcome of November’s US presidential election could have significant implications for the crypto market.
In a new interview on the YouTube channel Unchained Podcast, economist Alex Krüger says altcoins are likely to do better if former US president and Republican candidate Donald Trump gains the upper hand.
However, if Democratic candidate and current Vice President Kamala Harris wins, he says Bitcoin (BTC) would likely be the top performer in the market.
“If the Democrats win, you want to do Bitcoin. And if the 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)…
A narrative is emerging in crypto, which is basically about how fairly valued or attractive some DeFi names are. And if that were the case, it would stand to reason that that niche would do well under Trump, with the view that Republicans are basically pro-crypto, and Harris is against it. [it]and Bitcoin is not necessarily crypto. Bitcoin is digital gold. So that is the reasoning.”
He also says the crypto market will likely experience volatility on election night as voting results come in.
“It’s going to be one of those big trading election nights… That’s a moment when you’re trading, you want to stay up all night, and if the odds tilt one way or another, you’re really going to jam it like max long or the opposite.”
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