Trump vs. Harris: Effects on Bitcoin and crypto adoption

In today's US presidential election, Donald Trump competes against Kamala Harris, with the result of affecting the crypto market. Trump has positioned himself as a crypto supporter, while the Democrats take a more conservative attitude.

Loosening regulation is expected under a Trump presidency. This should lead to an increase in Bitcoin prices and the crypto markets beyond their previous high to drive. Harris' victory should lead to a disappointment on the market at short notice. The current democratic regime is hostile to innovations in connection with blockchain technology, how the hard-to-use of the SEC against many blockchain companies registered in the USA such as Ripple, Opensea, Metamask or uniswap shows.

USA fight for regulatory clarity

Harris' approach to the crypto industry seems to be more careful and concentrate on regulation. In concrete terms, however, she said little about how to tackle the blockchain industry. As a member of the current government, it rarely mentioned the industry and usually in connection with strict supervision. While some argue that this approach could lead to a clear regulatory framework, such as Mica for the EU region, others refer to him as a coordinated effort against the industry. Harris has considered to appoint SEC chairman Gary Gensler as finance minister. So could “Operation Choke Point 2.0“Practically uncontrolled.

“It will support political measures that ensure that emerging technologies and this type of industry can continue to grow. (…) Obviously, it is of the opinion that one of the most important conditions is a stable regulations, similar to the road traffic regulations.” -Brian Nelson, senior consultant of the Harris campaign

Trump, on the other hand, promised to release Gensler on the first day of his presidency, together with other major promises for the crypto industry. This includes the creation of a Strategic National Reserve of 213,000 BTC worth almost $ 15 billion, which is intended to serve as a “permanent national wealth”. Trump also explained that he wanted to make the United States a Bitcoin superpower to steer the global focus of the blockchain industry to the United States. According to the latest polymarket, Trump could soon be forced to follow his words.

Innovation and global competition

Even if he is aimed at the crypto-focused “single issue” voter, Trump seems to understand the importance of the growing blockchain industry. Administration could set the course for conquering a lion's share of the income from the blockchain industry, which will probably be achieved by $ 1,431 billion by 2030.

Regardless of the outcome of the election, continued growth and increasing acceptance of blockchain and crypto assets can be expected. For example, the Bitcoin-Spot ETFs, which was introduced in the USA this year, were great success despite the currently hostile regulatory environment. You currently have over $ 23 billion in new funds And record a growing interest from the institutional side. And if the regulations become too strict, with a emigration to more crypto-friendly countries like the Swiss Crypto ValleyDubai or Singapore.