Many Bitcoiners have their fingers crossed that crypto-friendly Donald Trump will win the U.S. Presidential election in November. The former president has painted himself as the Bitcoin-loving candidate, after all.
But what if Democratic candidate Kamala Harris is the better overall option for the orange coin? That’s an idea VanEck analysts floated in a report this week.
Their reasoning is that a Harris presidency would continue the current economic policies that they believe would weaken the U.S. dollar and push Bitcoin adoption.
The two analysts argued in July that major world economies could turn to Bitcoin as a result of noticing the “endemic flaws” of fiat currencies. The Democrat in the White House would be unlikely to cure the current financial problems, in their view.
“We would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place,” the Thursday report by Matthew Sigel and Patrick Bush argued.
They added that “as inflation and currency devaluation continue challenging fiat monetary systems, Bitcoin can serve as a vital hedge.”
The two went on to say that Trump would be better for the digital asset ecosystem as a whole, not just Bitcoin on its own.
“Conversely, we believe a Trump presidency is generally bullish for the entire crypto ecosystem, as it would likely produce more deregulation and business-friendly policies—perhaps particularly so for crypto entrepreneurs, who regulators have increasingly scrutinized in the past four years,” the report read.
Ex-President Donald Trump used to call the crypto space a “scam,” but has since embraced NFTs, Bitcoin, and has even launched his own upcoming decentralized finance (DeFi) project called World Liberty Financial.
Just Wednesday, the Republican candidate used Bitcoin to pay for burgers at the PubKey bar in New York City. “It’s the beginning of a new era,” he said after using the technology.
Vice President Harris, on the other hand, has said very little about the crypto industry. Some bigwigs in the industry—like billionaire entrepreneur Mark Cuban—have hinted that her campaign is taking more of an interest in crypto, but the Democratic candidate has yet to make her views or plans public.
Edited by Andrew Hayward