- Galaxy Digital’s scorecard rates Trump as the most crypto-friendly candidate.
- Crypto voters are set to play a major role in upcoming elections.
As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of various sectors under different political administrations. The upcoming 2024 U.S. presidential election is shaping up to be a pivotal moment for the crypto space, and the recent policy scorecard by Galaxy Digital’s Alex Thorn underscores this point.
Approaching the 2024 U.S. presidential election, Alex Thorn, who leads research at Galaxy Digital, posted a policy evaluation on his platform (previously known as Twitter), detailing key issues.
This analysis assessed the stance on cryptocurrencies for the two presidential candidates – Kamala Harris and Donald Trump. According to the evaluation, here’s how they stand.
As a crypto investor, I find myself leaning towards the view that, should Harris win the election, the downside risks may be minimal. However, if Trump secures another term, the potential for significant growth could be quite substantial.
This hinted at the broader industry potential if the former president returns to the White House.
Trump vs. Harris: Who is better for crypto?
According to AMBCrypto’s analysis, Trump excelled in seven out of the nine key areas they focused on.
Although Harris offered a glimmer of optimism regarding President Joe Biden’s position on cryptocurrencies, Trump’s policies were generally perceived as more favorable to the crypto industry.
As an analyst, I can articulate that my analysis reveals the Trump campaign advocated for Bitcoin mining policies that lean towards a pro-mining stance, promising “American-made Bitcoin.” In contrast, the focus of the Harris campaign seems to be on implementing regulations targeting significant electricity consumers.
The former also made his opposition to CBDCs clear and remains committed to ending restrictive banking practices like Operation Chokepoint 2.0.
As a researcher, I’ve noticed a somewhat ambivalent stance by Harris regarding the relaxation of Operation Chokepoint 2.0. However, she has expressed reservations about reversing Trump-era tax cuts, which may potentially lead to stricter regulation in the digital asset sector.
Furthermore, the Vice President refrained from offering explicit promises about individual self-custody rights. Concurrently, Trump has vowed to uphold the principle of self-custody.
With these variations in policies, Thorn noted:
Regardless of the result, Bitcoin is expected to perform well. However, Altcoins might experience risks due to Harris, and they could potentially outperform if Trump wins.
Thus, the election will be critical in determining the fate of altcoins.
Evolving stances: From skepticism to support
It’s worth noting that both Trump and Harris have shown shifts in their views regarding digital assets. For instance, during an interview with Fox Business in 2021, Trump referred to cryptocurrencies as a potential catastrophe yet to occur.
However, he rebranded himself as a crypto advocate at the Nashville Bitcoin Conference 2024.
Likewise, following several months of careful consideration, Harris too began advocating for advancements in cryptocurrency.
Impact of crypto on the 2024 election
The shift in political standpoints on cryptocurrencies among candidates underscores the rising importance of digital currencies in American politics. According to AMBCrypto, approximately half of U.S. voters consider a pro-cryptocurrency position to be a crucial deciding factor for the forthcoming election.
With millions of Americans owning digital assets, crypto voters are becoming a key demographic.
Consequently, the result of this election may have significant, long-term consequences since the policies proposed by each candidate are deeply influential when it comes to shaping the future of the digital economy.
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2024-10-16 11:04