Markets historically deliver their strongest returns under divided government rather than full political sweeps, according to analyst Benjamin Cowen.

He examined the performance of the S&P 500, Bitcoin (CRYPTO: BTC) and gold across different U.S. political power structures — with surprising conclusions.

BTC On Political Party Sweeps

In a podcast published on May 13, Cowen argued Bitcoin historically reacts poorly to full political party “sweeps,” as both Democratic and Republican control correlate with weaker median returns despite strong outlier years like 2017.

He noted Bitcoin’s best median performance has historically come under split governments, suggesting markets may prefer…

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