The future of the cryptocurrency market is back in the spotlight as the 2024 US presidential election approaches. The policy stances of both candidates, Donald Trump and Kamala Harris, will profoundly affect the outlook of the crypto industry. While many crypto enthusiasts tend to believe that a Trump victory will be beneficial to the industry, some analysts have suggested that Kamala Harris’ economic policies may also present unexpected opportunities for the crypto market.
Trump victory: deregulation to help the crypto industry take off?
Many investors believe that if Donald Trump is re-elected as president, he will help free the crypto industry from its burdensome policy shackles by deregulating it. As a former president, Trump has repeatedly mentioned in his latest campaign speeches the need for the government to create a looser environment for business, especially by being supportive of emerging crypto technologies. This marks a shift from his past stance of being sceptical of cryptocurrencies.
Trump’s supporters believe that his business-oriented policies will help attract more money into the crypto space and drive innovation and growth in the industry. Therefore, if Trump wins the 2024 election, the crypto market could see a spring of favourable policies.
Kamala Harris: Dollar Weakness and Potential Opportunities for Cryptocurrencies
Contrary to popular expectations, two analysts at VanEck, Matthew Sigel and Patrick Bush, have made a disruptive observation: a Kamala Harris win might have more far-reaching implications for the cryptocurrency market. The analysts argue that the economic policies pursued by the current ruling Democratic Party have led to a weakening of the U.S. dollar, and that this trend, if it continues, could further push up demand for crypto assets such as Bitcoin.
Their core argument is that a weak dollar typically triggers investors to look for alternative assets to hedge against inflation risk. In such an economic environment, Bitcoin is extremely attractive as ‘digital gold,’ especially in the face of currency devaluation and global economic uncertainty. If Harris is elected and continues his current policies, the crypto market may attract more capital inflows, creating a wave of safe-haven investments.
The future of the crypto market: policy-led or market forces?
Whether it’s Trump’s deregulation policies or Harris’ economic policies that lead to a weaker US dollar, the outcome of the 2024 US election will profoundly affect the future direction of the crypto market. Despite the differing paths of the two candidates, investors generally believe that the outlook for Bitcoin and the cryptocurrency market will continue to be strong regardless of who is elected.
Ultimately, a combination of market self-regulation and external policies may come together to shape the landscape of the crypto industry in the coming years.
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