Bitcoin has been at its highest level for a month after Biden’s withdrawal from the presidential race: cryptocurrencies are rooting for Trump, but they could also rise with a victory for Harris. Here’s why.
Bitcoin has risen 24% from July lows, but the political earthquake triggered by November’s Biden’s withdrawal from the presidential race could further amplify the cryptocurrency rally. While Trump, with his favorable stance towards cryptocurrencies, is seen as a natural ally for the cryptocurrency market, the possible rise of Kamala Harris to the White House raises questions about the future of Bitcoin. While Harris has never expressed a clear position on digital currencies, her possible presidency could usher in significant changes to the cryptocurrency landscape.
In this article, we will examine 3 reasons why Bitcoin could benefit from a possible Kamala Harris victory, analyzing the ties to the Biden administration, its relations with Silicon Valley, and possible political strategies for attracting voters.
1. Continuity with Biden’s policy
One of the main factors that could favor a rise in the price of Bitcoin with Kamala Harris in the White House is political continuity and regulatory stability. Harris, having served as vice president under the Biden administration, may choose to maintain a similar policy line to that of her predecessor. This could include a cautious but appreciative approach towards blockchain technology and cryptocurrencies. Regulatory stability is crucial for investors in the cryptocurrency market, as it reduces uncertainty and perceived risk associated with drastic changes in government policies.
Although Harris has never made any strong statements for or against cryptocurrencies, his caution could be viewed positively by investors. The lack of a strong opinion could indicate a desire to explore the sector further before implementing drastic measures. This prudent approach could prevent overly stringent regulations, allowing the Bitcoin market to grow sustainably. Additionally, Harris’ connection to Biden suggests she may adopt similar policies, maintaining a balance between regulation and innovation.
2. Support from Silicon Valley
Kamala Harris has strong ties to Silicon Valley, one of the major technological and innovation strongholds in the United States. The technology community has often viewed cryptocurrencies and blockchain technology favorably, recognizing their revolutionary potential. As a former California attorney general and state senator, Harris has maintained positive relationships with many tech leaders. This could translate into indirect support for cryptocurrencies, promoting a favorable environment for Bitcoin.
Silicon Valley is known for its innovative spirit and its openness to new technologies. Harris’ proximity to this community could encourage policies that foster innovation in the cryptocurrency industry. For example, it could support initiatives that promote adoption of blockchain in key sectors such as finance, healthcare, and education. This support for innovation could increase investor confidence in Bitcoin, leading to an increase in the value of the world’s best-known cryptocurrency.
3. Political strategies
In an era of growing economic inequality, Harris may seek to promote more inclusive and innovative economic policies. Cryptocurrencies, and in particular Bitcoin, offer opportunities for financial inclusion, allowing access to financial services even to those excluded from traditional systems. Harris may see Bitcoin as a means to promote economic equity, advocating for policies that facilitate its adoption and integration into the mainstream financial system.
The need for economic diversification and promoting innovation could lead Harris to favor a regulatory environment that incentivizes experimentation and adoption of cryptocurrencies. Policies aimed at supporting cryptocurrency startups and entrepreneurs could further stimulate the growth of the Bitcoin market. A positive approach towards financial innovation from Harris could generate favorable sentiment among investors, contributing to the increase in the value of Bitcoin.
Conclusions
Kamala Harris’ candidacy for the presidency of the United States introduces an element of uncertainty but also potential opportunity for the cryptocurrency market. Continuity with Biden’s moderate policies, ties to Silicon Valley, and the need to promote inclusive and innovative economic policies are three reasons why Bitcoin could benefit from his eventual victory. While Harris has not yet clarified her stance on cryptocurrencies, the political and economic context suggests she may take a favorable approach that supports the growth and adoption of Bitcoin. Investors should closely monitor political and regulatory developments, as the direction Harris takes could have a significant impact on the future of the cryptocurrency market.
|DISCLAIMER
The information and considerations in this article should not be used as the sole or primary basis for making investment decisions. The reader maintains full freedom in his own investment choices and full responsibility in making them, since he alone knows his risk propensity and his time horizon. The information contained in the article is provided for informational purposes only and its disclosure does not constitute and should not be considered an offer or solicitation to the public for savings.|
Original article published on Money.it Italy 2024-07-22 18:34:09. Original title: 3 motivi per cui Bitcoin può salire con Kamala Harris
