Markets
Could Kamala Harris Be Better for Bitcoin Than Trump? VanEck Thinks So
Published
2 months agoon
By
adminMany Bitcoiners have their fingers crossed that crypto-friendly Donald Trump will win the U.S. Presidential election in November. The former president has painted himself as the Bitcoin-loving candidate, after all.
But what if Democratic candidate Kamala Harris is the better overall option for the orange coin? That’s an idea VanEck analysts floated in a report this week.
Their reasoning is that a Harris presidency would continue the current economic policies that they believe would weaken the U.S. dollar and push Bitcoin adoption.
The two analysts argued in July that major world economies could turn to Bitcoin as a result of noticing the “endemic flaws” of fiat currencies. The Democrat in the White House would be unlikely to cure the current financial problems, in their view.
“We would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place,” the Thursday report by Matthew Sigel and Patrick Bush argued.
They added that “as inflation and currency devaluation continue challenging fiat monetary systems, Bitcoin can serve as a vital hedge.”
The two went on to say that Trump would be better for the digital asset ecosystem as a whole, not just Bitcoin on its own.
“Conversely, we believe a Trump presidency is generally bullish for the entire crypto ecosystem, as it would likely produce more deregulation and business-friendly policies—perhaps particularly so for crypto entrepreneurs, who regulators have increasingly scrutinized in the past four years,” the report read.
Ex-President Donald Trump used to call the crypto space a “scam,” but has since embraced NFTs, Bitcoin, and has even launched his own upcoming decentralized finance (DeFi) project called World Liberty Financial.
Just Wednesday, the Republican candidate used Bitcoin to pay for burgers at the PubKey bar in New York City. “It’s the beginning of a new era,” he said after using the technology.
Vice President Harris, on the other hand, has said very little about the crypto industry. Some bigwigs in the industry—like billionaire entrepreneur Mark Cuban—have hinted that her campaign is taking more of an interest in crypto, but the Democratic candidate has yet to make her views or plans public.
Edited by Andrew Hayward
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admin“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”
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Markets
Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts
Published
23 hours agoon
November 6, 2024By
adminAfter climbing to a new all-time high earlier this morning, the Bitcoin price has retraced only slightly after U.S. media outlets have decisively called the 2024 presidential election for Republic Donald Trump.
At the time of writing, the Bitcoin price is sitting just below $74,000 after peaking at a new all-time high of $75,358.70 very early this morning, according to CoinGecko data.
And there’s reason to believe that Bitcoin’s big year—spot ETF approvals, the fourth halving, and now Trump’s victory—could set BTC up for a very strong start to 2025, according to Samir Kerbage, CIO at crypto asset manager Hashdex.
“In the six months that followed the last three presidential elections, Bitcoin has had triple digit returns, and even larger returns over the 12-month period,” he said in a note shared with Decrypt. “This history, along with the strong outperformance that typically follows Bitcoin’s halving, ongoing institutional adoption, and the improving regulatory outlook in the US, has set this asset class up for a very strong 2025.”
But not all analysts are convinced that Trump is going to deliver on the many promises he’s made to secure support from the crypto industry.
“Over the last few months, Trump has pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which has the potential to result in crypto market volatility,” wrote Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, in a note sent to Decrypt. “We have to be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.”
He’s not the first analyst to flag that Trump may not be entirely serious about putting crypto at the forefront of his policies during his second term. Earlier this week, investment research firm Bernstein shared a prediction that even though Bitcoin might have initially dropped with a Harris win that it would have still been well positioned for a strong 2025.
Meanwhile, on crypto betting platform Polymarket, the main betting pool for who would win the U.S. presidential election has already been resolved.
Polymarket CEO Shayne Coplan wasted no time celebrating the triumph of prediction markets over more traditional polls, which right up until the election were forecasting a close race while Polymarket showed Trump widen his lead.
I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.
History was made today.
Surreal
— Shayne Coplan (@shayne_coplan) November 6, 2024
“Trust the markets, not the polls,” Coplan wrote on Twitter. “I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today,” he said in another post.
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Bitcoin (BTC), Solana (SOL) Hit New Cycle Highs Against Ether (ETH) as Trump Edges Closer to Victory in U.S.
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adminOver the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it’s been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.
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