Bitrabo Editorial
With the upcoming US presidential election on the horizon, industry experts express doubts about its likely effect on the cryptocurrency market, as reported by CNBC.
Crypto Experts Minimize Election’s Role at TOKEN2049
At the TOKEN2049 event in Singapore, key voices in the cryptocurrency field indicated that global factors may play a larger role than US electoral outcomes.
Charles Hoskinson, the creator of the Cardano blockchain, stated that irrespective of the US stance on crypto, the progression of digital assets is being influenced by international trends. He highlighted countries like Singapore and European Union members, which are establishing supportive regulatory frameworks for decentralized technologies.
Arthur Hayes, the former CEO of BitMEX, reinforced Hoskinson’s view, suggesting that Bitcoin’s rise happened without the backing of clear regulations, stating, “It’s not relevant right now,” in reference to current political influence.
Although some believe that former President Donald Trump, who has made promises to support Bitcoin, is more aligned with the crypto community than Vice President Kamala Harris, experts agree that the overall electoral impact on the crypto sphere will be minimal.
Hoskinson cautioned against placing too much importance on any individual politician, noting that the movement toward decentralization is already progressing globally.
The Importance of Bipartisan Support in Congress
Offering a different viewpoint, Anthony Scaramucci of SkyBridge Capital suggested that Harris might adopt a crypto-friendly stance similar to Trump’s, hoping for constructive regulatory changes post-election.
Jeremy Allaire, CEO of Circle, argued against the idea of cryptocurrency regulation becoming a partisan matter, asserting that bipartisan collaboration in Congress is critical for tech innovation. He stressed that regardless of election outcomes, Congress is prepared to take action.
While there is a prevailing belief that the election won’t significantly affect cryptocurrency markets, it’s noteworthy that the crypto industry has made substantial monetary contributions to various political candidates and action committees, exceeding $190 million.
Amidst a near-even split in fundraising, Republican candidates have garnered more support during this electoral cycle.
In summary, although excitement surrounds the election, cryptocurrency professionals mostly concur that market movements will be shaped more by global trends than by political changes in the near future. However, billionaire Mark Cuban suggests that different regulatory approaches from the Biden administration could have fostered growth while addressing illicit activities, potentially impacting the Democratic Party’s electoral outlook.
Featured image from DALL-E, chart from TradingView.com