A widely known economist believes that the outcome of this November’s US presidential election could have a significant impact on the cryptocurrency market.
Economist Alex Kruger says altcoins are likely to perform better if former U.S. President and Republican nominee Donald Trump wins, in a new interview on the Unchained Podcast YouTube channel.
However, he said Bitcoin (BTC) would likely outperform the market if Democratic nominee and current Vice President Kamala Harris wins.
“If the Democrats win, you want to bet on Bitcoin. And if the Republicans win, you should bet on Solana ETFs and altcoins in general. Maybe this is a good time to talk about DeFi (decentralized finance)…
There’s a narrative that’s been forming in crypto, basically about how fairly valued or attractive some of the DeFi names are. And if that’s the case, it makes sense that that niche would do well under Trump. Basically, the Republicans are pro-crypto and Harris is anti-crypto, and they have this view that Bitcoin is not necessarily a cryptocurrency. Bitcoin is digital gold. So that’s the reasoning.”
He also said that cryptocurrency markets are likely to experience volatility on election night when vote results start coming in.
“This is going to be a really big trade night election night… If you’re trading, this is the moment you want to stay up all night, and if the odds are tilted in your favor, you really need to hold on tight, either max long or the opposite.”
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