As the 2024 U.S. presidential election approaches, the crypto community is keenly observing how the outcome could affect the market.
The upcoming 2024 U.S. presidential election is being closely watched by the crypto community, as the outcome could have a significant impact on the market. Both Kamala Harris, the Democratic candidate, and former President Donald Trump are expected to affect Bitcoin and the broader cryptocurrency market, but in different ways.
Kamala Harris, known for her more cautious stance on cryptocurrency, could present challenges for the broader crypto market. Experts at VanEck, a major digital asset research firm, suggest that a Harris administration might maintain Gary Gensler as SEC Chair, which would likely result in stricter regulatory policies for the crypto industry. Aligning her financial policies with the more regulatory-focused wing of the Democratic Party, represented by figures like Senator Elizabeth Warren, could create an environment that hinders institutional adoption of digital assets.
While this regulatory tightening might slow the overall growth of cryptocurrencies, VanEck speculates that Bitcoin could actually benefit from such a scenario. Increased fiscal spending and tighter regulations could push more investors to see Bitcoin as a hedge against economic uncertainty and inflation. In other words, a Harris presidency could indirectly boost Bitcoin’s appeal as a safe haven asset.
On the other hand, a Trump presidency would likely favor the entire cryptocurrency ecosystem. Trump has positioned himself as a pro-crypto president, advocating for deregulation and business-friendly policies. Under his leadership, the crypto sector could experience less regulatory scrutiny, providing a more conducive environment for growth and innovation.
VanEck analysts believe that a Trump administration would be more favorable for the broader crypto market. Deregulation could especially benefit crypto entrepreneurs and lead to an expansion of the market.
Despite differing views on how Harris or Trump might impact the crypto sector, most analysts agree on one thing: Bitcoin is poised for growth, no matter who wins. Bernstein, a major investment research firm, predicts that Bitcoin could surge to between $80,000 and $90,000 if Trump wins the election. However, if Harris wins, the market could see Bitcoin’s price testing the $30,000 to $40,000 range in the short term.
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