Bernstein: Cryptocurrency is no longer a bipartisan issue, Bitcoin and related stocks will benefit from Trump deal

Odaily News ·Trump made six major promises to the crypto industry after his election at the Bitcoin 2024 conference last Saturday, including the establishment of a national strategic Bitcoin reserve after his election. And Kamala Harris also seemed to extend an olive branch to the industry. But analysts at Bernstein said that cryptocurrency is "no longer a bipartisan issue" and that Bitcoin and related stocks will benefit from the "Trump deal." The total potential market for the mining chip and hardware industry will reach $20 billion in the next five years. Analysts said that the Bitcoin mining hardware market has historically been dominated by companies such as Bitmain, with a market share of more than 80%. Analysts expect that with the increase in network hash rate and the replacement/upgrade of existing production capacity, the demand for mining equipment will increase by 15-30% annually, because the revenue from Bitcoin mining will be halved after the halving, and the business opportunities in hardware revenue are expected to be about $3-5 billion per year in the future. (Theblock)