Bipartisan Support Boosts Bitcoin: Market Surges 45% Amid Positive ETF Flows

COINOTAG news reported on September 23 that Gautam Chhugani, an analyst at Bernstein, asserted that any indication of a loose monetary policy and a potential decline in the U.S. dollar would be favorable for Bitcoin. Notably, Bitcoin has appreciated by 45% this year, outpacing the 27% gain in gold. During a fundraiser in New York last weekend, U.S. Vice President Kamala Harris endorsed digital assets and explicitly mentioned the crypto sector for the first time. In contrast, former U.S. President Donald Trump had previously expressed a favorable stance towards cryptocurrency, advocating for more lenient regulatory measures. Although the crypto community exercises caution regarding Harris’s position, Bernstein’s analysts suggest that Harris’s remarks, combined with Trump’s backing, signify bipartisan support that could enhance regulatory clarity. The trajectory of the Bitcoin ETF remains crucial. Despite recent price fluctuations, Bitcoin ETF inflows continue to be robust, with total accumulations amounting to $17 billion. Bernstein highlighted: “New approvals by brokers, such as Morgan Stanley’s recent activation, are expected to persist, and as advisors deliberate with clients, we anticipate renewed acceleration in inflows.”