As the 2024 U.S. presidential election approaches, the cryptocurrency sector is closely monitoring how each candidate might impact Bitcoin and the wider digital asset market. While Donald Trump has positioned himself as the “crypto president,” Democratic candidate and current Vice President Kamala Harris has been less vocal on the matter.
However, analysts at investment firm VanEck suggest that Kamala Harris’s presidency could be even better for Bitcoin than a second Trump term.
Harris or Trump: What’s Best for Bitcoin?
In a recent report, Matthew Sigel, VanEck’s Head of Digital Asset Research, and Nathan Frankovitz, Digital Asset Investment Analyst, offered an in-depth evaluation of the potential impact each candidate could have on the crypto sector. They stated, “Both Harris and Trump would be bullish for Bitcoin,” though they might influence the broader digital asset market differently. Both administrations are expected to maintain or even increase fiscal spending, which could lead to further quantitative easing, thereby accelerating Bitcoin adoption.
VanEck also points out that Harris might keep SEC Chair Gary Gensler in place and align with progressive figures like Senator Elizabeth Warren, potentially creating a stricter regulatory environment. While this might reduce institutional adoption of digital assets overall, it could paradoxically strengthen Bitcoin’s position, as it already benefits from clearer regulatory frameworks compared to other cryptocurrencies.
VanEck’s report states, “When it comes to Bitcoin alone, we argue that a Kamala Harris presidency could be better for Bitcoin than even a second term for Trump, as it may accelerate the structural issues that drive Bitcoin adoption.”
Trump’s Business-Friendly Approach
On the other hand, VanEck acknowledges that Trump’s pro-business stance could benefit the broader crypto ecosystem. His administration would likely support deregulation, fostering a more crypto-friendly environment for entrepreneurs, especially those who have faced increasing regulatory scrutiny in recent years.
For the latest updates on how the U.S. election could impact Bitcoin and other digital assets, stay tuned to Deythere.
Bitcoin, Kamala Harris, Trump, SEC, adoption
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