Growing excitement over Kamala Harris’ presidential campaign may be contributing to Bitcoin’s recent price decline, analysts at Bernstein wrote in a report published Monday.
Harris’s odds of winning the election have risen in recent polls, as well as on cryptocurrency prediction market platform Polymarket, since President Joe Biden dropped out of the Democratic nomination race in favor of his vice president.
This is a bearish signal, according to analysts at the investment firm, given how broadly Democrats have treated cryptocurrencies and the lack of clarity over Harris’s stance on regulating digital assets.
Polymarket is a popular betting platform that allows people to place money on everything from politics and sports to the next celebrity blunder. The platform works on Ethereum Scaling network ribbedIts popularity has surged this year amid the US election cycle — and even more so as crypto has become a hotter topic among politicians.
Republican presidential candidate Donald Trump has He goes out As a cryptocurrency advocate, she has become a favorite of some in the space. The report, written by Gautam Chugani, Mahika Sapra, and Sanskar Chendalia, suggests that a Harris win in November could hurt crypto prices by predicting a potentially negative future for digital assets in the United States.
“Our interpretation of current market sentiment is that a Trump win is bullish and a Harris win is bearish (at least in terms of the immediate market reaction),” the report said on Monday.
“The Trump side has been vocal about its crypto policy and has actively reached out to crypto companies, Bitcoin miners, and the broader community,” she added. “The Trump-led Republican side has made a strong pitch to crypto voters by promising policies that are favorable to Bitcoin and crypto innovation, even teasing a potential national Bitcoin reserve.”
Former President Trump used to criticize cryptocurrencies, saying he was “not a fan” and calling Bitcoin a “scam.” But this year, as the Republican presidential nominee, Trump has made his support for the space clear, even saying he wants all future bitcoin to be mined on U.S. soil.
Trump even to talk At the Bitcoin 2024 conference last month in Nashville, he repeated claims that he would fire cryptocurrency-focused SEC Chairman Gary Gensler if he were re-elected to his post.
Harris didn’t say much about the space, but he did say that billionaire cryptocurrency advocate and serial entrepreneur Mark Cuban He said Decrypt last month Her advisers have reached out with “multiple questions” about the industry, suggesting a more friendly attitude toward cryptocurrencies from the Joe Biden administration.
Edited by Andrew Hayward
Daily information extraction Newsletter
Start every day with the latest news, plus original features, podcasts, videos, and more.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
