Bernstein: Any signals of loose monetary policy and potential weakening of the dollar are beneficial for Bitcoin

Bernstein analyst Gautam Chhugani said that any signals of loose monetary policy and potential weakening of the dollar are beneficial for Bitcoin. He pointed out that so far this year, Bitcoin has risen 45%, surpassing gold's increase of 27%. At a fundraising event held in New York last weekend, U.S. Vice President Kamala Harris expressed support for digital assets and mentioned the crypto industry publicly for the first time. Previously, former U.S. President Donald Trump also held a pro-crypto stance, advocating more friendly regulatory policies. Although the crypto community remains cautious about Harris's position, Bernstein analysts believe that Harris's statement and Trump's support indicate bipartisan backing which could bring more regulatory clarity. The momentum of Bitcoin ETFs is still an important factor. Despite recent price fluctuations, net inflows into Bitcoin ETFs continue to be maintained with cumulative inflows reaching $17 billion.