Recently, J.P. Morgan released a research report that seems to be creating a favorable atmosphere for President Trump, a candidate supportive of cryptocurrencies, ahead of the elections. The report states that the combined hash rate of the 14 Bitcoin mining companies tracked by J.P. Morgan, which are listed in the United States, currently accounts for 28.9% of the network hash rate, reaching 194 EH/s, a historical high. J.P. Morgan considers this data to be ” encouraging,” with North American miners being the most important players in the field of Bitcoin mining.
Currently, there are over 50 million cryptocurrency holders in the United States. As global geopolitical and financial situations change, more and more people, for the sake of capital security or higher investment returns, are focusing on cryptocurrencies led by Bitcoin. The United States is not only home to a significant number of influential miners but also many non-mining investors who participate in the investment through ETFs or by investing in listed Bitcoin mining companies. Therefore, this group of people, who possess a certain level of wealth, insight, and represent the future trend, is an important demographic that Trump aims to win over in this election.
At present, although the U.S. stock market has fallen due to the corporate earnings season, this has not affected the upward trend of BTC. Currently, BTC’s price has surpassed 68,400 in the past two days, stabilizing above 67,000. The report indicates that Trump’s chances of winning are on the rise. Since the market generally believes that Trump’s cryptocurrency policies are more friendly than Harris’s, many institutions and investors are positioning for a potential bull market that could result from Trump’s victory.
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Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
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