Cryptocurrency stocks rise after Trump's pro-bitcoin speech

Shares of cryptocurrency companies listed in New York rose before Monday's open after Republican presidential candidate Donald Trump defended bitcoin and promised friendlier regulation for the industry.

Shares of Coinbase were up 3.7%, while shares of miners Bitfarms, Riot Platforms and CleanSpark were up between 3.4% and 4.5%.

"The crypto market interprets a Trump victory scenario as positive for the sector, given the Biden administration's heavy regulatory crackdown and Trump's pro-bitcoin statements," Bernstein analysts wrote in a note.

Cryptocurrency executives have often criticized the excessive oversight and hostile regulatory environment under President Joe Biden. However, Securities and Exchange Commission Chairman Gary Gensler has defended his view of the industry, citing the high volatility and speculative nature of tokens like bitcoin.

Even so, cryptocurrencies have quickly moved from the periphery of the financial world to the mainstream, thanks to the support of institutional investors and the approval of exchange-traded funds linked to the spot price of bitcoin and ether.

A Trump victory could further boost the industry. On Saturday, he said his administration would create a "national reserve" of bitcoin using cryptocurrencies the U.S. government currently holds, mostly seized in law enforcement actions.

The Republican candidate has also previously said he wants all remaining bitcoin to be mined in the United States.

"The ideal scenario for bitcoin mining is emerging," Bernstein wrote.

In the changing global economic landscape, the adoption and development of cryptocurrencies represent a unique opportunity for the United States. Through a series of strategic proposals, we can capitalize on these opportunities to foster economic growth and technological innovation.

Create a clear and favorable regulatory framework to encourage the establishment of new mining farms and data centers specialized in cryptocurrencies.

This initiative will not only generate employment in the technology and energy sector, but will also attract foreign direct investment. The creation of a robust infrastructure will allow the U.S. to position itself as a leader in cryptocurrency mining, taking advantage of the country's vast natural and technological resources.

By empowering the population with knowledge about cryptocurrency investments and blockchain technology, wider and safer adoption will be facilitated. These educational programs can be integrated into school and university curricula, as well as vocational training programs, ensuring that all citizens are equipped to participate in the emerging digital economy.

Cryptocurrencies can expand access to financial and technological services in marginalized rural and urban areas, promoting equity and economic development. By offering accessible and affordable financial tools, these communities can better integrate into the global economy, reducing inequality gaps.

The strategic adoption and development of cryptocurrencies offers an avenue for economic growth, financial inclusion and technological innovation in the United States. By implementing these proposals, we can ensure that the U.S. not only participates in the cryptocurrency revolution, but also leads this exciting and transformative field.

Collaboration: Grupo Auge | Reuters (International).