- Donald Trump advocates for Bitcoin as a strategic reserve, aiming to make the U.S. a global crypto leader.
- Kamala Harris proposes a structured regulatory framework for cryptocurrencies, differing from current stringent policies.
As the U.S. Presidential Election on November 5 nears, the financial markets are bracing for potential shifts, particularly within the cryptocurrency sector. Historical data suggest significant movements in Bitcoin’s value during election cycles, including notable increases after previous elections.
This year, Bitcoin reached an all-time high of $73,798 in March, driven by a surge in exchange-traded funds (ETFs) and optimism regarding potentially relaxed digital currency regulations post-election. The policies proposed by the candidates are crucial as they could influence the regulatory landscape significantly.
Republican nominee Donald Trump has shown support for cryptocurrencies, proposing to position Bitcoin as a strategic reserve and to establish the U.S. as a global leader in crypto.
Conversely, Democratic nominee Vice President Kamala Harris aims to create a structured regulatory framework for cryptocurrencies, diverging from the stricter regulations seen under the Biden administration. These positions make cryptocurrency regulation a pivotal issue in the election.
The outcome of the election could reshape the regulatory environment for cryptocurrencies in the U.S. If Trump wins, his administration could potentially decrease regulatory uncertainties, fostering a more crypto-friendly climate.
On the other hand, a victory for Harris could lead to a more organized and possibly stringent regulatory framework, though it may provide the clarity needed to stabilize Bitcoin prices over time.
Crypto political donations for the 2024 election have exceeded $190 million, with significant contributions directed towards both Congressional races and major party candidates. Notably, Chris Larsen, co-founder of Ripple, made substantial donations supporting Kamala Harris, reflecting the deep financial involvement of the crypto sector in this election cycle.
A political action committee supporting Donald Trump has raised about $7.5 million in cryptocurrency donations, highlighting the growing integration of digital currencies in political funding.
This financial backing from the crypto community is not just a testament to their stake in the election’s outcome but also an indicator of the sector’s increasing influence on American politics.
Polymarket, a cryptocurrency-powered prediction platform, currently shows Trump leading with a 65.7% chance of winning, according to real-time betting data. This underscores the keen interest and active engagement of the crypto community in the electoral process, emphasizing the high stakes for the industry in this election.
Bitcoin (BTC) is currently trading at $66,696, reflecting a 2.14% decrease. Over the past week, it has experienced a 1.02% drop, while showing a 3.75% gain for the month. Immediate support is around $64,000, with resistance near $68,000.
