The 2024 U.S. presidential election could mark a decisive turning point for the cryptocurrency sector. On one side, Donald Trump, once a skeptic, now positions himself as a strong advocate for cryptos. On the other, Kamala Harris, whose stance has been more reserved, is beginning to outline a vision supportive of this technology. How could this election shape the future of cryptocurrencies? Will it be Trump or Harris who drives Bitcoin and blockchain to new heights?
Donald Trump: The Pro-Crypto Shift of a Former Skeptic
Trump, who once called Bitcoin a scam in 2021, has recently shifted gears. Today, he positions himself as a defender of cryptocurrencies, promising to make the United States the global Bitcoin capital. In his speeches, he has emphasized his intention to remove many of the regulations imposed by the Biden administration, thereby facilitating the growth of the crypto sector. Trump has also expressed his desire to create a strategic Bitcoin reserve for the country, while advocating for the benefits of self-custody of digital assets and supporting decentralized finance (DeFi) platforms. So, what could be the potential impacts for cryptocurrencies under a Trump presidency?
- Massive Deregulation: If Trump is elected, it is likely that the U.S. will adopt pro-crypto policies, limiting regulations and attracting more crypto projects to the country.
- Mining Boost in the U.S.: Trump has expressed his desire to bring Bitcoin production back to the U.S., which could strengthen American dominance in the mining sector.
Kamala Harris: Cautious but Open to Crypto Innovation
Unlike Trump, Harris hasn’t placed as much emphasis on cryptocurrencies. However, she remains open to innovation. Born near Silicon Valley, she understands the technological stakes. She recently stated her intention to encourage digital innovation, including cryptocurrencies, while ensuring consumer and investor protection. Though less aggressive than Trump on this issue, Harris appears more willing than Biden to support the blockchain industry.
So, what could be the potential impacts for cryptocurrencies under a Harris presidency?
- Moderate but Clear Regulation: Harris could provide a more stable legal framework for crypto businesses, reducing risks while encouraging innovation.
- Focus on Consumer Protection: While supporting the crypto industry, Harris may aim to balance innovation with safety by strengthening regulations to protect users.
The ‘Crypto Vote’ Factor: A New Electoral Power
The political landscape has radically shifted. According to a recent survey by Coinbase, the vote of cryptocurrency holders has become a key issue. In 2023, 52 million Americans own cryptos, which is more than seven times the margin of votes in the 2020 presidential election. Interestingly, this electoral group is evenly split between Trump and Harris, with 47% intending to vote for each candidate. This bipartisan distribution shows that crypto now transcends traditional political divisions.
Crypto Market Predictions: Bitcoin at $125,000?
The forecasts from major financial institutions like Standard Chartered place cryptocurrencies at the center of attention. According to their estimates, a Trump victory could drive Bitcoin to $125,000, while a Harris presidency could also have a positive impact, with predictions of $75,000. Regardless of the election outcome, 2024 could be a record year for Bitcoin, fueled by factors such as institutional demand and the easing of accounting regulations.
The Impact of the Elections on Crypto-Related Businesses and Industries
The elections will also have significant implications for crypto-related businesses. Under Trump, mining companies and crypto exchanges like Coinbase could benefit from increased deregulation. Additionally, the oil and industrial sectors would likely thrive, particularly due to Trump’s protectionist policies.
Under Harris, companies involved in green energy and sustainable technologies could prosper, while stricter regulations on banks might impact major financial players, including crypto businesses.
The 2024 U.S. presidential election could very well define the future of the cryptocurrency industry. With Trump, cryptos might benefit from a deregulated approach and an environment conducive to rapid innovation. On the other hand, Harris takes a more balanced approach, ready to encourage technology while ensuring user security. Either way, cryptocurrencies are sure to be at the heart of economic policy debates and decisions in the coming years.
0 comments