Trump’s Victory: A Bonanza for Crypto Investors?
By Vishakha Thakur
With the U.S presidential elections around the corner … .the race to victory is heating up…!! Actually, it’s frying up…
For the first time, the cryptocurrency sector has taken a centre stage in the U.S elections with roughly 50 million voters owning cryptocurrency. It is likely that the crypto community will have a larger say over the presidential elections.
Donald Trump, the pro-crypto U.S presidential candidate, aims to make the country a crypto hub while Kamala Harris aims to invest in America’s future, which includes digital assets.
In this battle of Trump vs Harris …. Several analysts claim that Trump’s victory could act as a Bonanza for crypto investors.
-The blockchain-based election betting site Polymarket has priced in a 60% chance of a Trump victory.
-As per Geoff Kendrcik, Standard Chartered’s crypto analyst… Trump’s election victory could send Bitcoin to $125,000.
-As per a report by Citi group … .A Republican sweep in the upcoming U.S. election would be the most bullish result for the wider crypto market, while a Harris victory and a divided Congress would likely lead to more uncertainty for the digital assets sector.
But what makes the analysts believe so??
To understand…. Let’s quickly take a look at Donald Trump and Kamala Harris’ stance on crypto.
Donald Trump, who once voiced scepticism about crypto, has now repositioned himself as a pro-crypto candidate. He aims to make the U.S. a crypto capital of the planet and Bitcoin, superpower of the world…. Infact, Trump’s campaign accepts Bitcoin donations and he aims to defend the right to mine Bitcoin and ensure every American has the right to self-custody of their Digital Assets. He also claims that Bitcoin’s price would soar under his administration.
Talking about Vice President Kamala Harris…. She has yet to take an official stance on cryptocurrency and this reflects the broader uncertainty within her party. She has still not laid out specific policy plans. As of now……. she has only promised to establish a clear regulatory framework for the cryptocurrency market and protect Black men who invest in digital assets.
Well, despite Trump’s bold statements related to crypto and support from the crypto community… Kamala Harris is not behind in the race… as she too has been gaining support from the crypto community.
The latest support comes from Ripple’s co-founder and executive chairman, Chris Larsen, who has donated over $10 million in XRP, the seventh biggest digital asset by market cap, to support Vice President Kamala Harris’ campaign for U.S. president.
Well, the bets are on….and betting platforms are trying to make the most of it. With Trump pulling ahead strongly at a 60% chance of winning versus Harris at 40%… on Polymarket, whose prediction market passed $2 billion recently… Another betting platform Kalshi … ..whose presidential prediction market passed $30M in volume and only allows U.S. nationals to participate …. gives Donald Trump a 14 percentage point lead over his rival Kamala Harris.
All in all…. 5th November….will be a deciding date as to who will drive the future of cryptocurrencies in the U.S.A….!!!
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