Fundstrat Global Advisors co-founder Tom Lee, who insists on his $150,000 prediction for Bitcoin (BTC), suggested that Bitcoin and cryptocurrencies could experience a significant increase if Donald Trump wins the upcoming elections.
Appearing on CNBC’s Squawk Box, Tom Lee spoke about the potential impact of Trump’s victory in the upcoming November US presidential election on risky asset prices, including Bitcoin.
Markets currently believe Trump is more likely to win than polls suggest, and they see that as a good thing, according to Lee.
“It seems to me that the markets and Bitcoin have been betting over the last few days that Trump's chances of winning are better than the polls suggest.
At this point, I believe that Bitcoin and cryptocurrencies will experience a significant increase if Donald Trump wins the upcoming elections.
It is noteworthy that Trump has promised to lower the corporate tax rate to 15%, as opposed to the 28% increase proposed by Democratic candidate Kamala Harris.
“In addition, Trump’s stance on Bitcoin includes promises to protect it and create a national strategic Bitcoin stockpile, further boosting market confidence.”
Lee also commented on the sharp decline in the Bitcoin and cryptocurrency markets in early August due to macroeconomic fears from Japan.
Lee said that although BTC dropped below $50,000 on August 5, which was dubbed “Black Monday,” it showed a lot of resilience and withstood the decline well.
The famous name finally stated that he believed the FED was late in reducing interest rates and that more aggressive reductions would be logical from now on.
*This is not investment advice.