A research report from Wall Street broker Bernstein reveals that market sentiment is leaning towards a bullish outlook for crypto markets if Donald Trump wins the U.S. elections in November, while a Kamala Harris victory is expected to be bearish. 

The report notes a decline in bitcoin's value in light of recent changes in Polymarket odds and polling favoring Harris. Bernstein anticipates that the world's foremost cryptocurrency will remain range bound until a clearer indication of the election results is available.

Polymarket, a platform for betting on the outcomes of future events, has drawn attention from Republican supporters who refer to the current period as the "initial honeymoon phase." They argue that the odds on Polymarket are susceptible to manipulation, according to the report. Bernstein highlights that Trump's camp has been notably outspoken regarding its crypto policy and has actively engaged with companies within the sector, including Bitcoin (BTC) miners and the broader community.

In a recent analysis, Gautam Chhugani and his team highlighted that the Trump-led Republican side has made significant efforts to attract crypto voters by promising supportive policies for bitcoin and fostering innovation in the sector, including the possibility of a national bitcoin reserve. 

Further, during a speech at the Bitcoin Conference in Nashville last month, former President Trump emphasized his intention to keep a strategic national bitcoin reserve and stated he would not sell any bitcoin seized by the government if he returns to office.

Trump’s Vision for Cryptocurrency Sparks Enthusiasm

Former President Donald J. Trump pledged to terminate Operation Choke Point 2.0, a contentious initiative designed to regulate the flow of U.S. dollars into the cryptocurrency market. His remarks, along with those from other influential figures at the conference, generated significant excitement and debate regarding the future of Bitcoin and cryptocurrency. 

Once marked by empty seats and widespread skepticism, crypto conferences have transformed into dynamic events, showcasing a growing interest from world leaders and tech innovators in the potential of digital currencies to revolutionize the financial landscape.