Kamala Harris and Donald Trump both are presidency might be good for Bitcoin.
People who support crypto are paying close attention to how the next election could affect the industry.
Former President Donald Trump calls himself the “crypto president” and supports the industry, while Vice President Kamala Harris, who is running for president, has been quieter about her views on it.
Matthew Sigel, who leads digital asset research at VanEck, and analyst Nathan Frankovitz think that both Harris and Trump could help Bitcoin grow. However, their leadership could lead to different results for the rest of the digital asset market.
Bitcoin’s fate under Harris or Trump presidency
VanEck predicts that a Kamala Harris presidency might keep SEC Chair Gary Gensler in charge, known for his tough stance on crypto regulations. If Harris aligns with Senator Elizabeth Warren’s regulatory approach, it could make it harder for institutions to adopt digital assets, slowing down growth and innovation in the crypto space.
However, there’s a positive twist for Bitcoin supporters. VanEck suggests that under Harris, Bitcoin could thrive. Increased government spending and tighter regulations might push more investors toward Bitcoin as a safe bet against inflation and economic uncertainty, giving it an edge over other cryptocurrencies.
On the flip side, a Trump presidency could be better for the entire crypto industry. VanEck believes Trump’s business-friendly policies and potential deregulation would create a more favorable environment for crypto entrepreneurs, allowing the market to grow with less regulatory pressure.
Not everyone agrees with VanEck’s outlook. Bernstein predicts that Bitcoin’s price could soar to $80,000-$90,000 if Trump wins the election, but if Kamala Harris becomes president, they expect Bitcoin to drop, possibly testing the $30,000-$40,000 range.
Despite these differing predictions, the bigger picture seems positive for Bitcoin regardless of the election result. VanEck points out that the U.S. will likely keep facing growing fiscal deficits and national debt, which could weaken the dollar. In such times, Bitcoin is often seen as a safe store of value.
Standard Chartered’s Geoff Kendrick also believes Bitcoin will hit new all-time highs by the end of 2024, no matter who wins. He predicts Bitcoin could reach $125,000 under Trump or $75,000 if Harris takes office.
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