By Michael Scott
VanEck analysts refute Donald Trump’s profile as the ‘crypto candidate’; instead, Kamala Harris victory offers a more considerable boost for Bitcoin.
Bitcoiners have recently had their fingers crossed to support Donald Trump’s win in the upcoming US presidential election, labeling the GOP candidate crypto-friendly. The former president paints himself as a crypto-loving candidate, reiterating a promise in July when addressing the Bitcoin Conference 2024.
Kamala Presidency Beneficial to Bitcoin
VanEck analysts opined in their report last week that VP Harris offers the best option for digital gold. The analysts reason that Harris presidency would retain the economic policies weakening the US dollar. Such is set to accelerate the adoption of Bitcoin.
The VanEck analysts had earlier argued in a July disclosure that leading economies will likely turn to Bitcoin to overcome the endemic flaws encountered in fiat currencies. The analysts consider that retaining the Democrat at the helm would unlikely resolve the present financial problems.
The Thursday report by VanEck analysts Patrick Bush and Matthew Sigel reveals that Harris presidency could emerge better for the world’s largest crypto than handing Trump a second term. They consider such could accelerate the structural issues that fuel Bitcoin adoption.
The VanEck report illustrates that currency devaluation and inflation are ongoing challenges in fiat monetary systems. Their existence makes Bitcoin a vital hedge to cure such shortcomings.
Bitcoin Surge to $52 Million by 2050
In July, the New York City-based asset manager spotlighted that Bitcoin could certainly set $2.9 million by 2050. VanEck’s researchers illustrated that if the current reserve currencies eroded their importance, Bitcoin could emerge as an attractive option.
Bush and Sigel appear to renegade from the July stance when they indicated Trump offers better outcomes for the crypto asset ecosystem and is not limited to Bitcoin.
The report indicated that Trump’s presidency is a bullish catalyst for the crypto ecosystem. The return of Trump to the White House would yield more deregulation and business-friendly policies favoring crypto entrepreneurs. Such would eliminate the heavy burden the regulators have imposed on the digital assets industry.
The former president appears to have dumped the scam tag he had accorded the crypto space to embrace Bitcoin and non-fungible tokens (NFTs). Last week, Trump confirmed the unveiling of World Liberty Financial – a family-owned decentralized finance (DeFi) project.
Trump Executes Bitcoin-based Purchase
After the World Liberty Financial launch, Trump has confirmed purchasing buyers using Bitcoin. The Republican candidate in the November US election confirmed buying burgers at the Manhattan-based PubKey Bitcoin bar.
The Bitcoin backers at the outlet facilitated Trump to complete the process by scanning the QR code using the smartphone to approve the transaction.
The Wednesday events saw the Republican candidate assure the beginning of a new era after utilizing the technology.
Harris Support for Crypto
Vice President Harris has, since her nomination as Democratic candidate, uttered little about the digital assets industry. Nonetheless, some crypto industry bigwigs led by entrepreneur Mark Cuban suggested Harris campaign is edging closer to crypto.
Ripple executive chair Chris Larsen joined 88 corporate leaders in endorsing Harris stab for the US president. Such emerges as Ripple Labs is among the primary financiers of Fairshake that aim to have more crypto-friendly legislators win the 2024 elections.
Meanwhile, Harris, according to Bloomberg journalist Jennifer Epstein, addressed the digital assets issue during the Wall Street fundraiser. The VP assured the addition of AI and crypto to the opportunity economy vision.
Harris vowed to harmonize innovators, small enterprises, and founders towards investing in the US competitiveness and future. Epstein reported that Harris reiterated plans to create a safe business environment to guarantee a consistent and transparent platform for innovation.
Beyond Harris’s declaration during the Manhattan fundraiser, Reuters revealed in a Sunday publication that the VP plans to announce economic policies and incentives to assist US residents in building wealth.
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