Unlike current US President Joe Biden, Democratic candidate Kamala Harris is looking to open up more to the cryptocurrency ecosystem. However, the price of Bitcoin (BTC) could well fall if her chances of victory were to strengthen against her rival, Republican candidate Donald Trump, who has already adopted a “pro crypto” stance.
Bitcoin price 'could suffer' from possible Democratic victory
According to Ruslan Lienkha, financial analyst for lending platform YouHodler, the bitcoin price (BTC) could well go down if Kamala Harris' chances of victory strengthen in the coming weeks.
The analyst believes that if the Democratic candidate wins, cryptocurrency market players will continue to face pressure from the Securities and Exchange Commission (SEC).
“If investors believe a Democratic administration could impose stricter regulations on cryptocurrencies, Bitcoin’s price could suffer. Kamala Harris’ momentum in key swing states could intensify those concerns. […] With a Kamala Harris victory and no major changes expected in the regulatory landscape, the SEC will likely attempt to apply the existing traditional financial framework to the cryptocurrency market.”
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Analysts at QCP Capital, a Singaporean market maker, are broadly of the same opinion. According to them, If Donald Trump were to win the election and initiate the project to transform the seized BTC into a strategic reserve, this could have a positive impact on its price..
Scheduled for November 7, the American presidential elections are very uncertain as the two presidential candidates are neck and neck. Officially becoming the Democratic candidate last month, The current vice president of the United States continues to gain points in the polls.
For example, in the latest survey by the Ipsos institute released on July 30, Kamala Harris is ahead of Donald Trump with 43% of voting intentions against 42% for the Republican candidate.with a margin of error of plus or minus 3.5%.
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Two candidates, two different strategies to achieve their goals
Donald Trump and Kamala Harris understood this well, Cryptocurrencies and the ecosystem that revolves around them are a major issue in this presidential campaignThe two candidates each adopted a different position to gain the favor of investors and industry players.
The Democratic candidate is currently suffering from Joe Biden's conservative position on cryptocurrencies. However, Kamala Harris' teams want to improve their relations with the crypto ecosystem. Discussions have reportedly been initiated with companies such as Coinbase, Ripple Labs, and Circle, all of which have been affected by the aggressive campaign led by Gary Gensler, the director of the SEC..
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In a totally different register, Donald Trump has positioned himself as a businessman concerned about cryptocurrencies. He spoke at the Bitcoin 2024 conference held in Nashville in late July, promising significant changes for the crypto ecosystem.
The Democratic clan is far from supporting these measures, which could well attract the attention of certain investors and players in the cryptocurrency field, and thus, favor the Republican candidate.
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Source: The Block
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