Bitcoin’s stratospheric rise is set to continue—for at least another eight weeks. That’s according to analysts at America’s biggest bank, JP Morgan.
Analysts at the bank said in a Thursday report that the biggest digital coin by market cap will continue to benefit from a Republican win in the U.S. presidential election.
Bitcoin’s price soared on the eve of Donald Trump’s victory and has continued to rise since. It’s now priced at $76,615, CoinGecko shows.
“We continue to see room for the Trump trade to reverberate over the coming eight weeks or so in a similar fashion to 2016,” the report read.
It added that despite Bitcoin surging on Trump’s victory and gold dropping, “Trump policies are likely to be supportive of both into 2025.”
JP Morgan analysts said in a report last week that both gold and Bitcoin could benefit due to a “debasement trade”—when traders try to hedge against weakening currencies and geopolit
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Author: Mathew Di Salvo
