U.S. Republican presidential candidate Trump has played a big role in embracing cryptocurrencies during this election campaign, but his attitude has not always been this way. In fact, when he ran for the last election, he believed that cryptocurrency was an air of speculation, but this time he successfully used various marketing methods to successfully portray himself as the savior of the encryption industry. The Republican Party of the United States to which he belongs has also included cryptocurrency in the 2024 party platform. Earlier, we reported that almost all states in the United States that have opened cryptocurrency taxation have Republican votes. Although most people generally believe that a Republican victory is more conducive to the development of Bitcoin, VanEck, an asset management company that issues Bitcoin ETFs, believes that Harris' election is more conducive to Bitcoin.
( Louisiana accepts cryptocurrency payments, and people can use BTC and USDC to pay fines )
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ToggleIs Trump the savior of the crypto industry? Many industry leaders don’t pay the bill
In this election, the U.S. Republican Party issued election checks related to cryptocurrency, including including Bitcoin in the national asset reserve and firing SEC Chairman Gary Gensler. Therefore, many people believe that the US Republican Party and its presidential candidate Trump are the right light for the cryptocurrency industry. Trump himself has actually participated in selling personal NFTs, hosting NFT dinners, and even launched the DeFi project World Liberty Financial.
( Just to gain traffic? Trump’s project “World Liberty Financial” has been questioned by the community )
But not everyone buys the Republican Party’s marketing tactics. A reporter who actually visited Trump’s NFT dinner bluntly stated that he didn’t understand cryptocurrency at all. Billionaire Mark Cuban, who has a relationship with Trump, also expressed support for Harris.
In contrast, Democratic presidential candidate Kamala Harris is very confused about cryptocurrencies. Although some Democrats have intensively planned for her to contact the industry, she has never made a clear stance on related issues. However, VanEck, an asset management company and issuer of Bitcoin and Ethereum spot ETFs, pointed out in a recent report that Harris' election may be more conducive to the development of Bitcoin.
VanEck envisions two scenarios for how macroeconomics will drive a bull market no matter what
VanEck digital asset research director Matthew Sigel and analyst Nathan Frankovitz pointed out that assuming Harris is elected, it is increasingly likely that Gary Gensler will remain as SEC chairman and even get closer to Elizabeth Warren on financial policy. In this case, the crypto industry is expected to face a more stringent regulatory environment, which will inhibit the adoption of digital assets by U.S. institutions and further limit domestic entrepreneurial activities.
But looking only at Bitcoin, VanEck’s position is that Harris being president may be better than Trump being elected. Because Bitcoin is essentially in competition with Altcoin, the decline of Altcoin benefits Bitcoin adoption. After the Bitcoin and Ethereum spot ETFs are launched, Altcoin will be the biggest victims of regulation. This argument can be seen in VanEck's July report . VanEck believes that if Harris is elected, Bitcoin’s unique regulatory clarity may make it more competitive than other digital assets.
On the contrary, VanEck believes that a Trump presidency will be bullish on the entire cryptocurrency ecosystem because it may lead to more relaxed regulations and pro-business policies. Regulators have increasingly scrutinized cryptocurrency businesses over the past four years. Regardless of the election outcome, though, VanEck believes rising fiscal deficits and the national debt are likely to continue. This shows that the dollar is weakening, which is the macroeconomic environment in which Bitcoin has historically thrived.
