Analyst Predicts Mainstream Adoption of Crypto Amid Political and Financial Shifts

Analyst Alexander Good has been looking closely at the cryptocurrency market. He believes that crypto is gaining traction in mainstream circles. Why? Because of the current financial and political climate.

Good shared his thoughts in a recent post on X. He argues that cryptocurrency is often seen as a "right-wing asset class." This perception comes from its focus on addressing issues of excessive debt, which has made it harder for institutions to adopt it. But things are changing.

He points out that major players in finance, like Bloomberg, are starting to cover crypto more positively. The interest from the Soros Fund is also a big deal. Good sees this as a sign of approval from influential figures in government and finance.

Geopolitical factors are at play too. For instance, Russia's decision to move away from the U.S. dollar after the Crimea invasion in 2014 has shifted perspectives. Good suggests that crypto now has a sort of "uneasy official blessing" from powerful entities.

Interestingly, Good downplays the risks that elections pose to cryptocurrency. He believes that with big names like Bloomberg and BlackRock getting involved, the political risks for Bitcoin (BTC/USD) and Ethereum (ETH/USD) may be overstated. He advises investors to pay attention to those who control the money supply, as current market conditions seem favorable for crypto investments.

However, he does caution traders to stay alert. The environment can change quickly, and he urges them to reassess their strategies if significant policy shifts occur. For example, if Vice President Kamala Harris comments on a Bitcoin ETF, that could signal a change. But he thinks that’s unlikely.

Former President Donald Trump has been vocal in his support for cryptocurrency. He recently suggested creating a national crypto stockpile. At a Bitcoin conference, he stated, "Never sell your Bitcoin… The United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we’ll get it done."

On the flip side, Kamala Harris’s stance on crypto remains unclear. She hasn’t made any public statements. Yet, there are rumors that her team has been reaching out to crypto experts, which hints she might lean pro-crypto, unlike President Joe Biden.

Looking ahead, the role of Bitcoin as an institutional asset class will be explored at Benzinga’s upcoming event, the Future of Digital Assets, on November 19.