JPMorgan Chase believes that Bitcoin will continue to benefit from the Republican victory in the US presidential election. The report stated that Trump’s victory will have similar repercussions as in 2016 in the next eight weeks. Both gold and Bitcoin could benefit from “devaluation trades” as traders try to hedge against currency depreciation and geopolitical headwinds.
JPMorgan Chase believes that Trump has repeatedly stated that he will support the digital asset industry and increase tariffs, and both policies may ultimately help Bitcoin.
