- Crypto investors were disappointed as both Trump, who recently supported crypto, and Harris avoided discussing Bitcoin.
- Trump’s re-election is viewed by some as crucial for the sector’s survival, contrasting with Harris’s unclear stance on crypto.
- Analysts from Bernstein suggest significant price fluctuations for Bitcoin depending on the election outcome.
- Despite political uncertainties, experts like Steven Lubka and James Davies believe Bitcoin will prosper irrespective of the winner.
Former US President Donald Trump and current Vice President Kamala Harris have just finished a 90-minute TV duel that has sparked much discussion about which presidential candidate performed better.
And while Donald Trump declared himself the victor, ruling out any further debates, many observers credited Harris with the stronger performance. Regardless, crypto investors were disappointed that neither candidate mentioned Bitcoin or crypto.
Trump, who was strongly opposed to crypto during his term in the White House, has been a stout supporter of the sector during his recent campaign. So, naturally many in the sector believe a Trump victory is the only way the sector can survive.
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And certainly, some analysts – for example, those at Bernstein – have forecast huge price gains if Trump gets elected and a large drop if Harris gets the job.
But not everyone is so clear-cut about how much it matters who moves into the White House next.
Bitcoin’s Fine, Doesn’t Need Trump or Harris
As per CNBC, Swan Bitcoin head of private clients and family offices, Steven Lubka, acknowledged that it’s understandable to be cautious, because Harris really hasn’t made a statement on crypto and the Biden administration – which she of course is a part of as VP – hasn’t got the best track record either.
However, Lubka said that despite the current administration’s obvious lack of support for Bitcoin, it managed to thrive, surpassing many other global assets. And Lubka doesn’t think this will change, no matter who wins the election:
Do I think we’ll be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly.
Steven Lubka, Swan Bitcoin Crypto Valley Exchange co-founder, James Davies, agreed with that sentiment, saying that despite headwinds the industry will move forward, adding that fears of a Harris term are exaggerated:
Some of our communities […] have become echo chambers and are convinced the sky will fall if one side or the other wins. The truth is that the market is robust, not centered on the U.S., and hasn’t reacted negatively to major events from either side.
James Davies, Crypto Valley Exchange Final Thoughts: Mind-boggling Facts
Still not convinced? This little fun fact by Nate Geraci, President of the ETF store, might just show you how well the industry is doing, despite all the FUD.
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In a post on X (which is in itself a real echo chamber), he brought attention to the 2023 profit of Tether compared to that of BlackRock (just the largest asset manager globally):
Let that sink in…
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