While the rise to ultimate political power of President Donald Trump undoubtedly sparks a range of sentiments, among cryptocurrency investors, the consensus is largely favorable.
A vocal proponent of decentralized digital assets throughout the campaign trail, Trump previously signaled the intention to issue executive orders to foster a more conducive environment for crypto firms. It’s this fundamental catalyst that undergirds the longer-term narrative of blockchain miner Riot Platforms Inc (NASDAQ:RIOT).
From an economic standpoint, the digital asset market is exciting because of the introduction of a new frontier. With young workers increasingly investing in virtual currencies, the sector will likely continue expanding. However, due to the enormous energy consumption of blockchain mining protocols, this frontier doesn’t come cheap, nor is it free from sharp criticism. Therefore, it’s imperative that government bodies introduce favorable legislation.
To be fair, the emotions vested in Trump 2.0 create wildness in crypto pricing behaviors. Nevertheless, the president in prior interactions has a history of keeping his cards close to his chest. In the long run, a jubilant crypto market would help Trump secure the young voting base for Republicans. Politically, there’s every incentive to keep his blockchain-related promises — and that should be good news for RIOT stock.
Strength May Beget More Strength for RIOT Stock
Beyond the political realm, another factor that could smile on RIOT stock is the technical and statistical backdrop. Essentially, positive sentiment in RIOT tends to inspire even more optimism. …
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