Bitrabo Editorial
Following President Joe Biden’s exit from the White House race, the spotlight is on Vice President Kamala Harris as a potential Democratic nominee and her position on supporting innovation in the crypto industry.
Opinions differ on whether Harris’ rise would create a more favorable environment for cryptocurrencies or if the regulatory crackdown witnessed during Biden’s term will persist.
Billionaire investor Mark Cuban believes there might be a shift in policy under a Harris administration. Analysts also speculate that a return of Donald Trump to the White House could lead to a weaker dollar, potentially benefiting Bitcoin and other crypto assets.
Harris’ Potential Support for AI and Crypto
Based on Harris’ background as a US senator and attorney general in California, as well as her positions during her short-lived 2019 presidential campaign, a Politico report indicates that industry leaders see Harris as likely to adopt a more progressive approach to innovation than President Biden.
Although Harris’ rapid ascent has left many uncertain about her stance on crypto regulation, Mark Cuban, an avid crypto supporter, remains optimistic. He suggests Harris may be more receptive to artificial intelligence (AI), crypto assets, and government services.
Impact of a Trump Presidency
If Donald Trump were to return to the White House, some analysts predict that his policies could lead to a weaker dollar, potentially benefitting “riskier assets” like crypto and gold, known as the Trump Trade.
Expectations of a weaker dollar under a Republican administration, coupled with the introduction of crypto-focused exchange-traded funds earlier in the year, have helped boost BTC prices. Fadi Aboualfa of Copper Technologies attributes Bitcoin’s recent price surge more to economic factors than Trump’s overt support for the crypto industry.
Noelle Acheson, author of the Crypto Is Macro newsletter, suggests that various assets may outperform soon, with short-term traders shaping BTC’s current price. Acheson highlights the impact of large-scale selling by the German government on Bitcoin’s recent volatility, cautioning that future hurdles could pose challenges for the asset irrespective of the political landscape in Washington.
Acheson warns of potential negative consequences if historical events repeat and election outcomes are not respected. At the time of writing, the leading cryptocurrency is valued at $65,970, reflecting a more than 2% decline in the last 24 hours.
Featured image source: DALL-E, chart retrieved from TradingView.com