With the long-awaited US presidential election just days away, candidates Kamala Harris and Donald Trump continue to seek support in various sectors, including those that were previously not relevant to the political arena, such as the cryptocurrency sector.
So far, both candidates have generated affinity in the crypto community, attracting users and industry influencers with their proposals and political agendas regarding crypto assets.
Although some analysts from renowned firms such as JPMorgan and Standard Chartered believe that, Regardless of the outcome of the presidential election on November 5, cryptocurrencies will make their way into the US economy, the plans that both Trump and Harris have announced for the development of this sector could significantly influence its future. Therefore, it is important to know what the main proposals that Trump and Harris have for Bitcoin and cryptocurrencies are, in order to project the impact that the result of the next US election may have on the crypto market.
Donald Trump's political agenda for Bitcoin and cryptocurrencies
Donald Trump, who was known as a crypto skeptic, has modified his stance on these digital assets, taking a more open and favorable approach towards their use and development in recent years. In the past, the former US president had expressed his disdain towards Bitcoin, calling the leading cryptocurrency a “scam.” However, at present, Trump maintains a proactive approach which has been attracting pro-crypto voters, a group that has become increasingly influential in American politics.
To date, Trump has launched several cryptocurrency-related initiatives, such as his popular NFT collections, his limited edition Bitcoin-logo sneakers, and his revolutionary project World Liberty Financial. However, beyond this adoption, Trump has incorporated Bitcoin and cryptocurrencies into his political agenda, pledging to foster a more favorable regulatory environment for the development of the crypto industry as a whole.
In his election campaign, Trump emphasized the importance of ensuring US innovation and competitiveness in the financial and technological sectors through cryptocurrencies and blockchain technology, a sector that has been rapidly expanding globally. Therefore, in his speeches, in addition to expressing his explicit support for Bitcoin, Trump has pointed out that, if he is elected in the next electoral contest, will work to remove regulatory barriers currently facing digital assets in the United States. This includes promoting policies that facilitate the creation of a clear legal framework for cryptocurrencies, and that encourage both national and international investments in the sector.
Trump has also expressed his desire to making the United States a leader in Bitcoin mining, highlighting the importance of energy self-sufficiency and the use of renewable energy sources to innovate in crypto mining. With these proposals, Trump not only seeks to strengthen the US economy, but also to position the country as a center of innovation in the field of cryptocurrencies.
In summary, his policy proposals regarding cryptocurrencies are:
- Foster a friendlier regulatory environment for the development and growth of cryptocurrencies and digital assets.
- Boosting the adoption of cryptocurrencies and Turning the United States into the crypto capital of the world.
- Create a Bitcoin Strategic Reserve, pledging not to sell the United States' current holdings in this cryptocurrency, which exceed 207.180 BTC, according to data consulted on the Bitcoin Treasuries platform.
- Establish an advisory board on digital assets and appoint a new chairman for the Securities and Exchange Commission (SEC).
This latest proposal has generated great optimism among those supporting Trump's candidacy, considering that more cryptocurrency-friendly regulation and the dismissal of the current SEC chairman, Gary Gensler, could open up new opportunities for the integration of these cryptoassets into financial markets, for example, with the approval of new investment vehicles, such as spot ETFs, for assets like Solana or Ripple.
Kamala Harris promises to encourage cryptocurrency development
For her part, Kamala Harris, the current vice president of the United States and Democratic candidate for the presidency of the country, recently began to integrate cryptocurrencies into her electoral speech more explicitly. The Democratic candidate has promised Increase investment in emerging technologies, such as artificial intelligence and digital assets, and take a proactive approach towards cryptocurrencies.
Harris has emphasized the need to establish a regulatory framework that protects consumers and investors, while encouraging innovation in this sector in the country. His campaign has received support from prominent figures in the cryptocurrency world, such as Anthony Scaramucci and Chris Larsen of Ripple, who see his proposals as a positive step towards building a more receptive environment for digital assets.
In addition, Harris has highlighted the importance of financial inclusion, particularly for African American communities, who have shown a growing interest in cryptocurrencies. Overall, it seems that her approach is not only to regulate the cryptoasset sector, but also to ensure that opportunities in the cryptocurrency market are accessible to everyone, regardless of their socioeconomic background. Although Harris's statements generated some discomfort, some have taken them as a positive aspect of her policy, which could help African-American communities lead the adoption of these new technologies.
Also, in a speech given in Manhattan, New York, Harris commented that emerging technologies, such as cryptocurrencies and AI, can help creating an economy of opportunity for Americans. Hence the importance of ensuring its growth through clear regulation.
Thus, although Harris had refrained from making public comments about Bitcoin and cryptocurrencies during part of her campaign, her policy proposals regarding this industry are as follows:
- Provide regulatory clarity to the cryptocurrency industry.
- Encourage the Participation of African American communities in cryptocurrencies and digital assets as potential drivers of greater adoption. According to a report According to a report published last year, the number of black cryptocurrency holders exceeded the number of white cryptocurrency holders in the United States by 10 percentage points. Based on this, experts believe that the African-American population could play a key role in the future growth of the crypto market.
A comparison of Trump and Harris' cryptocurrency policy proposals
When comparing the policy proposals of Donald Trump and Kamala Harris in the cryptocurrency space, significant differences emerge in their approaches. Experts have commented that while the Trump administration could lead to laxer regulation, Harris's would advocate for a robust regulatory framework, protecting investors while encouraging inclusion.
On the other hand, Trump's speeches show that the candidate sees cryptocurrencies as an opportunity to revitalize the economy and attract greater investments, while Harris has focused more on emphasizing the need for a balanced approach that guarantees the security and protection of users.
Likewise, while both candidates acknowledge the importance of cryptocurrencies in the current political landscape, their strategies reflect their respective visions of what the future of the sector should look like. While Trump could give a healthy boost to Bitcoin and the crypto market in general, Harris could lead towards greater regulatory scrutiny.
Bloomberg ETF Analyst Eric Balchunas said in an interview with CoinDesk that a Harris-led administration would likely not allow the creation of new cryptocurrency spot ETFs, which have been a huge success for Bitcoin and Ethereum.
Americans account for 12% of global crypto users
The influence of cryptocurrency users on the US political landscape cannot be underestimated.
According to a survey conducted by Morning Consult, 52 million people in the United States currently own cryptocurrencies. The results of this survey, which show that US crypto holders represent a significant segment of the electorate, coincide with a report published by Grayscale in May, where the firm stressed that Cryptocurrencies are becoming increasingly relevant in the country's political landscapeAccording to Grayscale, nearly half of Americans want to invest in cryptocurrencies, while three-quarters of the population wants politics to be run by leaders who understand this innovation.
All this context has influenced the decision of candidates Harris and Trump to consider cryptocurrencies in their political proposals.
Pro-crypto voters have proven to be active and engaged, so they could have a considerable impact on the upcoming election. Therefore, as more people become interested in cryptocurrencies, presidential candidates are forced to address this issue more seriously. Both Trump and Harris have recognized the need to appeal to this electorate, which is reflected in their respective speeches.
The forecast for Bitcoin is optimistic
The outlook for the future of Bitcoin and the crypto market following the US election is mixed. However, most analysts from firms such as Standard Chartered and JPMorgan remain optimistic, noting that regardless of who wins the election, cryptocurrencies will remain an essential component of the US economy.
Specifically, Standard Chartered has projected that if Donald Trump is re-elected, Bitcoin could reach a price of up to $125.000 by the end of 2024. On the other hand, if Kamala Harris becomes president, projections suggest a price of around $75.000 per BTC. These estimates reflect the perception that a more crypto-friendly approach could boost the bitcoin price, while a stricter regulatory framework could limit its growth.
In short, the 2024 US presidential election will not only determine the country’s political future, but also the direction of cryptocurrencies and Bitcoin. The proposals of Donald Trump and Kamala Harris reflect a growing attention towards this sector, which has proven to be relevant to a significant number of voters. With interest in cryptocurrencies on the rise, the election result could have long-lasting implications on the crypto market.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
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