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Bernstein ($725B AUM) Says 'Don't Fight This' as Bitcoin Soars to $83,400 After Trump Win

Nov 11, 2024, 03:00 PM

Following Donald Trump's victory in the 2024 U.S. presidential election, Bernstein, a $725 billion asset manager, has urged investors to increase their exposure to Bitcoin and cryptocurrencies "as soon as possible." In a recent report, the firm highlighted expectations of a pro-crypto regulatory shift under the new administration. Lead analyst Gautam Chhugani remarked, "Welcome to the crypto bull market—buy everything you can. Don't fight this." Bitcoin surged to a new all-time high over $83,400 in response to the election results, triggering billions in losses for crypto short traders. Analysts predict bipartisan support for accelerated crypto rule-making, suggesting that the market has yet to fully factor in these developments. Prediction markets now price a 38% chance of Bitcoin reaching $100,000 this year, up from 8% prior to the election.