With the 2024 U.S. presidential election race heating up, crypto is becoming a hot topic on the campaign trail. As US Presidential candidates Donald Trump and Kamala Harris prepare to face off, their contrasting views on digital currencies could shape the future of the crypto market.
With both candidates bringing different perspectives to the table, this election might be a turning point for Bitcoin, Ethereum, and other digital assets, with just 68 days left until the election in November.
US Election Impact On Crypto
Looking back at the past, the U.S. elections have had noticeable impacts on the crypto market. In 2016, after a period of consolidation, Bitcoin prices surged significantly in the months following the election.
Similarly, after the 2020 election, Bitcoin experienced a massive bull run, reaching an all-time high (ATH) of $69,000.
Given the current market trend, with Bitcoin consolidating between $59,000 and $62,000, there is speculation that a similar post-election surge could occur if the government moves towards a more crypto-friendly stance.
Trump’s Big Bet on Bitcoin
Former President Donald Trump has made it clear that he is a strong supporter of Bitcoin. At the recent Bitcoin Conference 2024, Trump surprised many by proposing that Bitcoin should be a strategic reserve asset for the United States.
He highlights his desire to see the U.S. leading in the crypto space, saying, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
To back up his words, Trump has tasked Cynthia Lummis, the so-called “Crypto Queen, to propose new legislation that would allow the U.S. government to buy 1 million Bitcoins over the next 5 years. This bold move could drive up demand and potentially push Bitcoin’s price above its all-time high of nearly $74,000, setting the stage for a major bull run.
Harris’s Silence on Crypto
In contrast, Kamala Harris has been mostly quiet about her stance on crypto. Her administration is seen as cautious, and some even say hostile, toward digital currencies.
During her recent speech accepting the Democratic nomination, she did not mention anything about crypto. This has left many wondering how she might handle digital assets if she wins the presidency.
Rising Interest in Digital Assets
The spotlight on crypto isn’t just coming from the candidates. More and more people are showing interest in digital assets. A recent Harris Poll survey conducted on behalf of Grayscale found that nearly one-third of voters are now more open to learning about or investing in cryptocurrencies since the beginning of the year.
Additionally, a growing number of people see crypto as a good long-term investment and expect it to be part of their investment portfolios.
