Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Former President Donald Trump emphasized that Bitcoin mining should be in the U.S., sending Trump-related Maga Memecoin (CRYPTO: TRUMP) higher in the process.
What Happened: Pseudonymous trader Sistine Research, in multiple tweets, noted Trump’s newfound support for Bitcoin and Bitcoin mining in the United States. Trump had suggested that Bitcoin mining in the U.S. will help the nation to be energy-dominant.
The trader also mentioned that Arthur Hayes and Raoul Pal are working on launching a Dogecoin (CRYPTO: DOGE) ETF, which may be benefited by a Trump presidency. Additionally, Sistine Research pointed out that GameStop now has $4 billion in cash reserves, speculating on the potential impact if GameStop decided to invest in Bitcoin, similar to MicroStrategy. The trader suggested that such a move could lead to GameStop’s stock trading at a multiple of its Bitcoin holdings.
Also Read: Trader Nets $2.7M In 3 Days With Trump-Related MAGA Coin
Why It Matters: Trump’s support for Bitcoin could influence regulatory policies and public sentiment towards cryptocurrency in the U.S. The development of a DOGE ETF by Hayes and Pal could further legitimize Dogecoin as an investment asset.
Gamestop’s substantial cash reserves and the possibility of investing in Bitcoin could significantly impact its stock performance.
Sistine Research in another tweet mentioned his bullish stance on TRUMP and DOGE, stating that "TRUMP is market agnostic and DOGE is likely to get an ETF filing."
Over the past 24 hours, TRUMP is up 8%, while DOGE is up 7.3%.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Crypto Trader Predicts Trump-Themed Meme Coin Will Go ‘Berserk’ Despite Pullback, Says ‘Accumulate S**tcoins’ Until Q4
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