As a seasoned crypto investor with over a decade of experience in the industry, I’ve witnessed the rollercoaster ride that is the relationship between politics and cryptocurrencies. With Vice President Kamala Harris emerging as a potential Democratic nominee for the 2024 US presidency, there’s uncertainty surrounding her stance on crypto regulation and innovation.
As President Joe Biden exits the presidential race, the spotlight shifts to Vice President Kamala Harris as a plausible Democratic candidate and her views regarding fostering innovation in the cryptocurrency sector.
As a researcher studying the crypto market, I’ve noticed a heated debate among market participants regarding the potential impact of this individual’s rise to power on the future of cryptocurrencies. Some are optimistic, believing that her tenure may usher in a more crypto-friendly regulatory environment. Others, however, are concerned that the regulatory crackdown we’ve seen under the current administration might persist.
Mark Cuban, the wealthy businessman and investor, has expressed his thoughts on the subject, implying a possible policy change if Kamala Harris becomes president. Simultaneously, there are predictions among financial analysts that a second term for Donald Trump may result in a less valuable dollar, which some think could favor Bitcoin and other cryptocurrencies.
Potential Support For AI And Crypto
As a researcher examining the political landscape, I’ve come across an intriguing observation from Politico regarding Kamala Harris. Based on her tenure as a US senator and attorney general in California, as well as her stance during her presidential campaign in 2019, industry insiders anticipate that Harris may adopt a more progressive approach to innovation if she were to assume a role like President Biden’s.
Despite Harris’ meteoric ascent, her views on cryptocurrency regulation and associated industry issues remain unclear to some industry experts.
Mark Cuban, a prominent figure in the cryptocurrency community, has expressed positivity about Kamala Harris’ potential openness towards business in relation to artificial intelligence (AI), crypto assets, and government services. In an email to Politico, Cuban noted:
Based on the information I’ve gathered, it seems that there are indications, although not yet officially confirmed by the VP, that she will adopt a more receptive attitude towards business initiatives, including artificial intelligence, crypto, and government as a service. By implementing new policies in these areas, she aims to convey her leadership and openness to innovation and progress.
Trump Trade Effect
If Donald Trump were to regain the presidency, certain financial analysts predict that his economic policies could result in a depreciated US dollar. Consequently, this scenario might favor “riskier investments” like cryptocurrencies and gold, which is often referred to as the “Trump Trade effect.”
The anticipated weakening of the US dollar under a Republican presidency, along with the introduction of Bitcoin and other cryptocurrency exchange-traded funds this year, such as the successful Bitcoin ETF launch, have fueled the surge in BTC prices and could potentially cause another price rise if Trump is elected.
According to Fadi Aboualfa, the research head at Copper Technologies, it’s the economic conditions that have largely driven Bitcoin’s price surge, not Donald Trump’s endorsement of the crypto industry.
According to Noelle Acheson, the writer of the Crypto Is Macro newsletter, there are likely other assets that will surpass Bitcoin’s performance in the near future. She asserts that it is typically short-term traders and investors who influence Bitcoin’s current market price.
According to Acheson’s perspective, significant Bitcoin price fluctuations in the past few weeks can be attributed to massive Bitcoin sales by the German government. Such disruptions might pose a challenge for the cryptocurrency market, irrespective of the US administration’s stance on the matter.
In simple terms, Acheson stated that Bitcoin is unique due to the varied stories surrounding it, and if historical precedents were to unfold unwelcome outcomes in the upcoming election, the consequences could be severe.
In your writing, the leading digital currency is currently priced at $65,970, representing a decrease of approximately 2% within the past 24 hours.
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2024-07-24 10:42