Bitcoin and Crypto Stocks To Rally On Donald Trump's Market Backing, Expert Says

Fundstrat's Tom Lee says that the financial markets becoming more convinced of Donald Trump's win in the United States election will lead to a growth in Bitcoin

Fundstrat’s Tom Lee says that the financial markets becoming more convinced of Donald Trump’s win in the United States election will lead to a growth in Bitcoin and related crypto stocks.

The U.S. elections have had a direct impact on the stock, cryptocurrency, and precious metals markets. Candidates have rolled out their economic policies, and the markets have reacted accordingly.

Donald Trump, the Republican candidate, has pledged support to Bitcoin moving away from the present phase. The crypto industry stocks have also remained tied to the performance of Bitcoin, altcoins, and other blockchain developments.

“The bitcoin price is still very much tied to the industry stocks, which makes sense because the industry stocks are to some degree a proxy for the performance of bitcoin, altcoins, and blockchain technology more broadly. But I think the bitcoin price is also reacting to the election,” Lee said.

According to Lee, if the market becomes more convinced of a Trump win, it will lead to a growth in Bitcoin and related crypto stocks. He hinted that the market believes Trump’s numbers are higher than the polls.

“If the market becomes more convinced of a Trump win, it will spark an effect in bitcoin and crypto stocks, because Trump has spoken out in support of bitcoin moving away from the present phase,” he added.

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