The US is the world’s largest economy and the host of the “global currency.” This makes the country’s direction one of the most important things for the global economy, and it’s why it’s worth reevaluating the positions of both candidates on this topic. Now, Trump has always been very pro-cryptocurrency, while Harris was, in the past, skeptical of this asset; recently, she seems to have taken a far softer (some would even say pro-crypto) stance. So, let’s see how these two candidates fare against each other in the 2024 US election and how their relationship and some of the latest occurrences around them affect cryptocurrency’s value.
The positions of both candidates
One of the biggest roadblocks when it comes to investing in crypto is future regulation. When the future regulation is settled and if it’s favorable, a lot of people might start looking for a new crypto to buy, not just go for the biggest, best-established coins on the market.
This is why the position of the president in the 2024 US election is so important.
Sure, the president is not passing the legislation on their own, but we have the upcoming house race, and the stance of many representatives will be affected by the stance of the president. After all, a candidate is not just representing their own opinions. They’re usually speaking with the voice of their party. This is why many expected (and they were right) that Harris’ new position on cryptocurrency won’t be the same as was previously hinted.
According to hedge fund manager Anthony Scaramucci, Harris’s team is moving in the right direction; however, she has not taken a clear stance on crypto.
Trump, on the other hand, is very vocal about his support for cryptocurrencies, which is why the crypto community backs him.
When it comes to public sentiment, the majority of traders and crypto enthusiasts see Trump as the “crypto” candidate, which is why events that favor him often drive the value of crypto up.
We’ll follow up with two examples of recent events and how they reflected the crypto market.
The presidential debate
Although opinions on the first debate are still mixed, it is indisputable that Kamala did a lot better than she was given credit for.
Almost everyone except for Trump’s most loyal base would agree that the former president was rattled by her comments, that he came off as too defensive, and that a few gaffes were pretty problematic.
For the large part, Trump’s campaign played on the card of Biden being too old for office. After the current president dropped out of the race, Trump became the older candidate. In fact, after Biden, Trump was the oldest candidate ever in the history of the US elections… end shows.
While he was always sharp and charismatic, his performance during the 2020 (and especially 2016) election debate was far superior. Anyone who claims otherwise should rewatch the old debates and make a comparison for themselves. Age is relentless, and even some of the largest figures in history are not immune to it.
As a result, since Trump was seen as a more pro-crypto candidate, the price of BTC dropped immediately following the debate. The drop was quite sharp. You see, the debate began at 9 p.m. ET, and Bitcoin fell 1.2 percent to $56,258 by 1:58 a.m.
This doesn’t mean that the market lost faith in Trump’s victory; it’s just that some people who banked big on his victory have anxiety over a much closer race than they expected. Crypto marketers reflect this.
Second assassination attempt on Trump
On September 15th, former president Trump survived a second attempt on his life. Secret Service agents “noticed a man armed with an AK-47 rifle hiding near the property and opened fire, causing the suspect to flee”.
While this attempt may not have received the media attention of the previous one (there was no live footage, no iconic photograph, and it was the second time), it still had a deep impact on the market.
One interesting thing that was noticed was an increase in whale activity in altcoins while Bitcoin dipped. The market reacted strongly because Trump has already advocated for the US to take charge of crypto regulation on the global stage, which resulted in major optimism among crypto investors.
The interesting thing is that the first assassination attempt actually drove BTC up by 4%. The iconic post-assassination-attempt photo (the one with the raised fist), taken just a bit after Biden’s horrible performance at the debate and his rumored dropping out from the race, made Trump’s victory seem inevitable.
This time, there was $116.52 million in liquidations, primarily affecting long trades.
Analysts believe Bitcoin will reach an all-time high, regardless of who wins the 2024 US Election
According to analysts at Standard Chartered, a British multinational bank, Bitcoin will reach an all-time high price this year, regardless of who wins the 2024 US Election. Sure, a second term for Trump would bode better for cryptocurrencies, but even with Kamala winning, the future for BTC currently looks bright. Other cryptocurrencies may follow suit.
Photo by Element5 Digital: Pexels
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
