The upcoming US presidential election continues to be a focal point in politics and economics, as well as in the Bitcoin (BTC) and cryptocurrency industry.
At this point, while many analysts stated that a possible victory of Donald Trump would be positive for cryptocurrencies, Citi announced its current evaluations.
According to Coindesk, Citi argued that a Republican victory could revitalize cryptocurrency markets, while a Kamala Harris victory could increase uncertainty.
Citi noted in its report that a Republican victory in the upcoming US elections would be the most positive outcome for Coinbase and the cryptocurrency market as it would accelerate pro-crypto legislation such as FIT21.
Analysts led by Peter Christiansen said that even if Republicans win the Senate and Democrats control the House of Representatives, the results would still be positive and bullish for digital assets.
However, Kamala Harris’ victory and the Republican Congress may bring uncertainty, as Harris has not clarified her stance on crypto and has not yet detailed her crypto policy goals.
“Republican control of the Senate will be important for passing bills like FIT21 and confirming pro-crypto institution leaders. The pace of digital asset reform is likely to accelerate with both houses of Congress aligned.”
Citi analysts added that they maintained a buy rating on Coinbase but lowered the price target from $345 to $275.
*This is not investment advice.
