A commentary-style YouTube video (by Dr. Violet Howard) examining how the 2024 US presidential election could affect the cryptocurrency market. It summarizes Donald Trump’s pro-crypto moves (campaign crypto donations, NFTs, proposals to replace officials and subsidize mining, and an idea to add bitcoin to reserves) versus Kamala Harris’s less-defined stance (likely continuation of Biden-era regulation-by-enforcement but with some stated support for innovation and a regulatory framework). The video cites adoption polls (7% vs. 40% estimates), high engagement among crypto holders (92% plan to vote), analyst price forecasts (Bernstein: $80–90k for bitcoin under Trump; Standard Chartered: $30–40k under Harris), and stresses that agency appointments and Congressional races may be the decisive long-term factors.
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The 2024 US presidential election is just around the corner. With Kamala Harris and Donald Trump running neck and neck in the polls, the future of digital assets could hang in the balance. Some say a Trump victory will propel bitcoin to new all time highs by the end of the year, while a Harris win could crash the market. But is the situation really that black and white? In this video, we'll explore how the election results could influence crypto in both the short term and the long term. So whether you're an investor or a trader or just curious or this is a video you don't want to miss. First, let's take a look at where each candidate stands on cryptocurrencies. Over the past few months, former President Donald Trump has positioned himself as the pro crypto candidate. He's promised to back the growth of digital assets and turn the US into the world capital of crypto and bitcoin. Trump's crypto plan involves removing SEC Chair Gary Gensler, who's been notoriously tough on the industry. And also he wants to provide subsidies to the bitcoin mining industry. He's also even floated that bitcoin could be added to the country's reserves.
Over the past year or so, he's seen the writing on the wall that this could be a potential election issue. People are looking for a more clear framework for digital assets, and it seems like Donald Trump has thrown a, you know, a bone to the industry.
But Trump isn't just making promises. He's engaging with the crypto world. He's accepted cryptocurrency donations for his campaign, launched multiple NFT collections, and even announced plans for his own decentralized finance platform, World Liberty Financial. While Trump's pro crypto approach has excited a lot of the industry, some are still pretty skeptical. Let's keep in mind, Trump used to be a pretty outspoken critic of bitcoin, even calling it a scam back in 2019.
He's the most transactional son of a bitch that you'll ever meet. Today he's for crypto, tomorrow he may or may not be for crypto.
What we're seeing with former President Trump is an evolution, is a real acknowledgment that this, this technology is here to stay. It's, it's okay to evolve your stance.
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US for most people that is an unsatisfying approach because it basically says you, the industry, go look at this hodgepodge of court cases and enforcement actions and divine from that exactly how you're supposed to act, rather than saying these are the rules, follow them.
What we don't want to see is for the US to be left behind and for companies and jobs to move overseas because we can't come to an agreement on clear, sensible rules of the road.
To make things worse, the collapse of FTX and other fraudulent crypto firms back in 2022 heightened scrutiny and frustration in the industry. Democratic Senator Elizabeth Warren, a prominent critic of the crypto sector, called for harsher regulatory measures in response to these failures.
Elizabeth Warren and her team believes that crypto is a clear and present danger. It believes that crypto is a fraudsters. It's a petri dish for millions of fraudsters to wreak havoc on the retail investor. And so they're willing to overlook the promise of the technology, the promise of Bitcoin.
But this hostile approach towards crypto may not necessarily define Kamala Harris administration if she does win the election. In recent statements, Harris said she would encourage innovative technologies, including digital assets, and supported the creation of a regulatory framework to protect investors. That's a signal that if elected, Harris will likely be more crypto friendly than her predecessor.
She's also from a state, California, that you know, in the United States sort of is the birthplace of the crypto industry in many ways. And she has worked with tech leaders before in constructive ways, so perhaps she would take a different approach.
So who will be the crypto community's choice? While Trump has taken a pretty aggressive pro crypto stance, compared to Harris, voters seem pretty much 5050 at least. According to a recent poll by Coinbase how influential will cryptocurrency actually be in the upcoming elections? The impact largely depends on the level of adoption in the US which is pretty difficult to gauge since there are so many varying estimations. For instance, a Federal Reserve survey indicated that only 7% of Americans held cryptocurrency at the end of 2023, while another poll suggests that 40% of American adults now own some form of digital currency. Regardless of these discrepancies, crypto voters seem highly engaged, with 92% of them planning to vote. Additionally, US elections often come down to just a small number of key swing states, where a small number of voters can shift the election one way or the other. So will the crypto vote actually influence or decide the election? Probably not. Voters are mainly focused on other key issues like immigration, the economy, and abortion rights, and those are all much more likely to determine the outcome. But it's not just about the voters. There's also a substantial amount of money at stake. Pro crypto packs like Fairshake are raising record amounts from companies such as Coinbase and Ripple. These packs are influencing congressional races, which could affect the control of the U.S. house of Representatives and the Senate. Now let's discuss the potential impacts of the 2024 election. When it comes to prices, Most analysts agree that the crypto market is going to favor Donald Trump. Crypto rallied when he was elected in 2016 and after he survived a recent assassination attempt. In contrast, prices dipped following the latest presidential debate where Kamala Harris was perceived as outperforming Trump. Analysts at Bernstein predict that a Trump victory could push bitcoin to new all time highs, possibly reaching 80 to $90,000 by the end of the year. On the other hand, if Harris wins, they forecast a potential downturn, with bitcoin dropping to 30 to $40,000, according to a more recent report by Standard Chartered. The market will rally regardless of the outcome, but it could rise higher if Trump is the winner. But beyond the immediate price movements, the real long term impact of the election is what truly matters. Trump's proposals, such as establishing a bitcoin reserve, are ambitious, but they could face significant hurdles in actually getting implemented for the US Government.
Government to spend more money, maybe take money out of the Strategic Petroleum Reserve and oil and putting in bitcoin is one word silly.
I think there would be a lot of political obstacles and I don't know how much of a priority will be for Trump to really follow through on that once he's elected.
Most analysts agree that the future of crypto in the US Will largely come down to appointments made to key federal agencies. If Trump keeps his promise to fire Gensler and appoints a more crypto friendly SEC chair, it could lead to a better environment for crypto innovation in the.
US So having someone in the agency who is less ideological, less political, and more open minded to considering what rules might be appropriate for this sector I think would be enormous. It could be someone from the more protectionist wing of the Democratic Party if Vice President Harris prevails, and you'd probably expect to see something closer to a continuation of what we've seen for the last four years of the Biden administration administration.
Finally, let's remember that the presidential election is just one part of the equation. As mentioned earlier, a major issue for the US Is a legal framework for crypto and that would require approval by Congress. In 2024, 1/3 of the US Senate seats and all of the House of Representatives will be up for election. How clear cut the congressional majority is will be crucial in deciding whether crypto friendly laws pass easily or get stuck in gridlock over the next four years. Well, that's it for today's video, but we'd love to hear your thoughts on how the US Elections might affect the future of crypto. Do you agree with our analysis or do you have a different perspective? Let us know in the comments below. And if you found this video insightful, give it a thumbs up. Smash the like button. All that helps this video get into the algorithm.
