The race is on! Our two contestants are: Donald Trump, the famous Billionaire Entrepreneur & Former President of the United States of America and Kamala Harris, the current Vice-President of the United States of America.
Who will win this year’s Presidential Election? That is the question that has been on the minds of millions of people worldwide. Even more importantly, how will the new administration react towards crypto? That’s another question for every Maxi, Degen, and Crypto Enthusiast out there.
With crypto having received its fair share of regulatory hardships from the US regulatory bodies for years now, the 2024 Presidential Elections are most definitely a pivotal moment to rewrite that status quo and potentially begin a mass scale adoption phase.
In this article, let’s discuss the moves being made by the two candidates and what their respective administrations could mean for crypto in the future.
Crypto Is Here To Stay Regardless…
It’s safe to say that regardless of who wins the 2024 US Presidential Election at the end of the day, the crypto ecosystem is still here to stay and not just stay but also thrive effectively. Crypto has already gone through its worst phases as regards strict regulations, price collapses, worldwide bans, and much more and after each of those phases, crypto has bounced back stronger and is now becoming an irreplaceable part of many nations, institutions, and businesses worldwide.
However, that is not to say that governments can’t have a say in how successful crypto can be especially when it pertains a powerhouse like the United States. So let’s discuss how the administrations of these two candidates could affect crypto in the foreseeable future to have a better idea of who you may want to be rooting for if you want your crypto bags to go higher.
Donald Trump
Donald Trump is arguably the crypto crowd favorite right now and for many good reasons, all of which summarize to Trump being a Pro-Crypto Candidate. Trump has been quite vocal about his pro-crypto stance over the past few months and has made some promises that are capable of bolstering the adoption and acceptance of crypto globally.
Let’s take a look at some moves Former President Trump has made that are swaying the crypto community in his favor. Some being more subtle than others.
Purchasing Commodities with Bitcoin
On the 18th of September 2024, Former President Trump was seen at a New York Bar famous for accepting Bitcoin Payments and there he was, purchasing over a dozen hamburgers using Bitcoin, making him the first-ever US President to publicly use crypto for any transaction.
This incident ran wild on social media and checked some green boxes for him with the crypto community. Narratives such as: ‘Pro-crypto in both words and actions’ and ‘Hamburgers today, Financial Systems tomorrow’ were seen flying around all over social media in celebration of this act. But that was just the beginning.
Attending & Speaking at the Bitcoin 2024 Conference
Donald Trump went on to attend the Nashville Bitcoin 2024 Conference to stand in as the Pro-Crypto candidate that everyone should choose, promising to do many things in favor of crypto such as : creating an estimated $5B Bitcoin Stockpile as a National Asset, removing SEC Chairman Gary Gensler; a seemingly major antagonist to crypto from his seat amongst many other things which offer the promise of a a more regulatory friendly environment towards crypto if he is elected.
It’s also worth noting that Donald Trump has previous history with NFTs, all of which is very convincing to the crypto folks that if even half of these promises are implemented in his administration, crypto is almost certainly going to have the enabling environment needed for further widespread adoption.
Kamala Harris
So, what about Vice President Harris? What is her stand on crypto and can the community put their faith in her to compete against Trump for the seat of the President?
Well, objectively speaking, The Vice President is yet to have expressly made any firm and definite commitments/affirmations toward cryptocurrencies at all.
Although she did say: “We will encourage innovative technologies like AI and digital assets while protecting investors and consumers.”, that information doesn’t indicate anything particularly favorable towards crypto and many social media influencers have noted this to be more like a red flag to the crypto community.
The Coinbase-founded non-profit organization Stand With Crypto re-marked Vice President Harris’ stand to ‘Somewhat supports Crypto’. Considering her current administration under the leadership of President Joe Biden hasn’t particularly been friendly towards crypto as seen with the many lawsuits, strict regulations, and arrests being made. It doesn’t look like Kamala Harris is winning over the crypto community at all and is just trying to look friendly for her campaign.
Many have said that if she wanted to prove seriousness to the topic, she could very well take some actions while on her elected seat such as releasing Gary Gensler of his SEC duties amongst many other actions to sound more convincing.
There currently isn’t enough data to work with when trying to convince anyone that Kamala would be crypto-friendly if elected into power. However, with a few weeks left until the elections, this might still change.
Conclusion
Overall, all the data showing any sort of sentiments towards the election as regards crypto all point towards Donald Trump as the favorable candidate. Now the question is, how will this play out in November? We will just have to wait and see.
