A VP Harris Win May ‘Not Be As Bearish’ As Crypto Investors Think – QCP Capital

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As a seasoned researcher with extensive experience in both political and financial landscapes, I find it intriguing to observe the evolving dynamics between Kamala Harris and the crypto industry. Over the years, I have witnessed numerous shifts in political stances towards digital assets, and this latest development is no exception.

Over the course of the weekend, Kamala Harris, the U.S. Vice President and Democratic nominee, made her first remarks acknowledging the cryptocurrency sector since the beginning of her campaign. This shift in her stance has ignited a debate within the industry and among its supporters, as opinions appear to be divided regarding her recent disclosure.

A Harris Win Could ‘Not Be Bearish’ For Crypto

With the U.S. presidential election drawing near, the Democratic nominee is facing intense scrutiny due to her reluctance to reveal her views on digital assets, following a three-year period of strict regulation under the Biden-Harris administration in this sector.

On Sunday, during a fundraising event on Wall Street, New York City, the US Vice President made a commitment to secure America’s future through promoting investments in digital assets and artificial intelligence (AI).

We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.

As a dedicated researcher, I am committed to collaborating on establishing a crystal-clear, unwavering, and transparent rulebook. This rulebook aims to create a secure and thriving business climate across various sectors within the United States.

Let’s establish a reliable and open business atmosphere, where clear and standardized guidelines are followed, and we’ll eliminate unnecessary red tape.

After Harris’ apparent shift towards cryptocurrencies, QCP Capital expressed on their Telegram channel that her potential victory in November “might not be as bearish for the market as people think.” The crypto firm pointed out that Harris’ comments, combined with broader economic trends, have provided a positive push for cryptocurrencies to kick off the week.

This boost made the flagship cryptocurrency’s price retest the $64,000 resistance level in the early hours of Monday, which triggered almost $60 million in short liquidations, QCP reported.

Community’s Sentiment Split

The Democratic candidate’s campaign has been gradually distancing itself from the industry through indirect methods such as accepting digital asset donations and receiving endorsements from various influential figures within the industry.

Additionally, it appears that Harris has been associating with a number of cryptocurrency and Bitcoin supporters, among them being Anthony Scaramucci, the founder of SkyBridge Capital. On Thursday, Scaramucci unveiled at TOKEN2049 panel discussions that they are teaming up with the presidential candidate to develop her campaign’s policies.

Additionally, the entrepreneur asserted their efforts were aimed at creating a gap between the Democratic Party and adversaries in the industry, such as Senator Elizabeth Warren and Gary Gensler, who serves as Chair of the U.S. Securities and Exchange Commission (SEC).

Even though Harris’s position regarding the cryptocurrency industry remained unclear until Sunday, neither she nor her campaign had clarified it. This ambiguity sparked discussions within the community about potential market effects on the sector.

In a post on X, Scaramucci stated that Harris’s comment translates to “Bitcoin” in all languages. Yet, there was significant backlash due to the absence of specific policy proposals that might impact the sector.

Some cryptocurrency investors feel that the presidential candidate’s unclear position doesn’t provide sufficient reassurance, implying that Harris might need to clarify and elaborate on her views for them to trust her fully. Conversely, others view the recent disclosure of her Vice President’s stance as a beneficial step forward within the crypto sector.

“Jake Chervinsky from Variant’s CLO sees this as a step forward and believes that progress is generally beneficial, but he wants to know more specific details before fully committing. Similarly, Alexander Grieve, Paradigm’s vice president of Government Affairs, found Harris’s statements encouraging, yet emphasizes the importance of waiting for additional information.

Essentially, Grieve is confident that this will mark the final pro-crypto administration, whether it wins or loses. He stated that the stance of Trump and Harris towards the industry would differ, but the trajectory of cryptocurrency in the U.S. is unmistakable.

A VP Harris Win May ‘Not Be As Bearish’ As Crypto Investors Think – QCP Capital

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2024-09-23 18:27