Harris or Trump: Which U.S. Presidential Candidate Is Best for Bitcoin?

As the 2024 U.S. presidential election approaches, the cryptocurrency sector is closely monitoring how each candidate might impact Bitcoin and the wider digital asset market.

As the 2024 U.S. presidential election approaches, candidates’ stances on cryptocurrency are being closely scrutinized by the industry. While former President Donald Trump has openly embraced the “crypto president” title, Democratic candidate and current Vice President Kamala Harris has been less vocal on the matter.

However, analysts at investment firm VanEck believe that a Harris presidency could be more favorable for Bitcoin than a second Trump term.

In a recent report, VanEck’s Head of Digital Asset Research Matthew Sigel and Digital Asset Investment Analyst Nathan Frankovitz analyzed the potential impact of each candidate on the crypto sector. They noted that both Harris and Trump would likely drive up demand for Bitcoin due to their administrations’ focus on maintaining or increasing fiscal spending, which could lead to further quantitative easing and accelerated Bitcoin adoption.

According to VanEck, a Harris presidency might involve keeping SEC Chair Gary Gensler in his role and aligning with progressive figures like Senator Elizabeth Warren, potentially resulting in a stricter regulatory environment. While this could hamper institutional adoption of digital assets overall, it might paradoxically strengthen Bitcoin’s position, given its already clear regulatory frameworks compared to other cryptocurrencies.

“When it comes to Bitcoin alone, we argue that a Kamala Harris presidency could be better for Bitcoin than even a second term for Trump, as it may accelerate the structural issues that drive Bitcoin adoption,” the VanEck report states.

On the other hand, VanEck acknowledges that Trump’s pro-business approach could benefit the broader crypto ecosystem. His administration would likely support deregulation, fostering a more crypto-friendly environment for entrepreneurs, especially those who have faced increasing regulatory scrutiny in recent years.

For the latest updates on how the U.S. election could impact Bitcoin and other digital assets, stay tuned to Deythere.

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