The Potential Impact of Harris and Trump on Crypto
With President Joe Biden stepping out of the race for the White House, attention now turns to Vice President Kamala Harris as a potential Democratic nominee and her stance on supporting innovation within the crypto industry. Nonetheless, the market is divided on whether her ascendancy will bring forth a more favorable environment for cryptocurrencies or if the regulatory crackdown experienced over the past years under Biden’s administration will continue.
Potential Support For AI And Crypto
Based on Harris’ record as a US senator and attorney general in California and her positions during her brief presidential campaign in 2019, a Politico report suggests that industry leaders perceive Harris as likely to take a more progressive approach to innovation than President Biden. However, Harris’ rapid rise has left many industry insiders uncertain about her stance on crypto regulation or related matters surrounding the emerging industry.
– Mark Cuban, a known crypto supporter, expresses optimism about Harris being “more open to business” regarding artificial intelligence (AI), crypto assets, and government services.
– Cuban suggests that changing policies under Harris’ administration could signal a more business-friendly approach that benefits innovation in various sectors.
Trump Trade Effect
If Donald Trump were to return to the White House, some analysts speculate that his policies may lead to a weaker dollar, ultimately benefiting “riskier assets” such as crypto and gold, known as the Trump Trade. Market expectations of a weaker dollar under a Republican administration, combined with the debut of crypto-focused exchange-traded funds earlier this year, have contributed to the rally in BTC prices.
– Fadi Aboualfa, head of research at Copper Technologies, claims Bitcoin’s recent price surge is primarily due to economic factors rather than explicit support from Trump.
– Noelle Acheson, author of the Crypto Is Macro newsletter, believes that short-term traders and investors heavily influence BTC’s price, with various factors impacting its volatility.
– Acheson points out that Bitcoin’s performance could face challenges regardless of political scenarios, citing recent government actions causing market turmoil.
Hot Take: The Future of Crypto Under Different Leadership
Whether under the potential leadership of Kamala Harris or a return of Donald Trump, the crypto industry is poised for significant developments based on their policies and stances. The crypto market remains uncertain about the impact of these potential leaders and continues to speculate on the future of regulation and innovation within the sector.
By
By
By
By