At the recently concluded TOKEN2049 conference in Singapore, Hoskinson was particularly vocal about his support for the Trump administration.
Cardano founder suggests that Donald Trump is better suited to win the US presidential election from a crypto perspective.
The crypto community appears to be divided over which US presidential candidate to support in the upcoming election. Some, like Cardano founder Charles Hoskinson, believe that former President Donald Trump is the better choice due to his recent support for the crypto industry. Others, however, point to Kamala Harris's role in advancing pro-Bitcoin legislation in the past.
Hoskinson, who has been following the presidential campaign closely, recently stated that any candidate who attends crypto conferences or launches DeFi projects is likely to be more supportive of the industry than someone who appointed SEC Chair Gary Gensler. This comment comes after Trump pledged at a July Bitcoin Conference to advocate for favorable crypto regulations and promised to dismiss Gensler on his first day as president.
In contrast, Hoskinson has been particularly critical of the Biden-Harris administration, which he believes has taken a hostile stance towards the crypto industry. He went so far as to assert that voting for Kamala Harris would threaten the US cryptocurrency sector. This sentiment is echoed by the numerous enforcement actions initiated by the SEC under Gensler’s leadership against major crypto businesses like Ripple, Binance, and Coinbase.
Since attending the Bitcoin Conference, Trump has demonstrated his support for the industry on various occasions, including launching a DeFi project called World Liberty Financial and using Bitcoin to purchase cheeseburgers for his supporters. When asked whether Trump’s support for crypto is opportunistic, given his family’s involvement in the sector, Hoskinson acknowledged that all politicians, including the former president, exhibit “some degree of opportunism.”
The Cardano founder is also concerned that this platform could become a political issue. “Trump is launching a DeFi application, and that’s concerning for the industry,” Hoskinson stated.
Meanwhile, some analysts at VanEck believe that Kamala Harris may be a better overall choice for Bitcoin. They contend that her presidency would likely maintain the current economic policies, which could weaken the US dollar and drive further Bitcoin adoption.
“We believe a Kamala Harris presidency could be more beneficial for Bitcoin than a second term for Trump, as it would likely accelerate many of the structural issues that underpin Bitcoin adoption,” stated Matthew Sigel and Patrick Bush in a report released on Thursday. They added, “As inflation and currency devaluation continue challenging fiat monetary systems, Bitcoin could serve as a crucial hedge.”
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