VanEck, an asset management firm, has forecasted that both Kamala Harris and Donald Trump may yield favorable results for Bitcoin. A Harris president may expedite Bitcoin adoption owing to structural hurdles and more defined laws, potentially providing Bitcoin a competitive advantage over other digital currencies.
Despite apprehensions regarding more stringent regulations under Gary Gensler or Elizabeth Warren, VanEck posits that the prospective economic policies of a Harris administration could still be advantageous for Bitcoin.
A Trump presidency may enhance the overall crypto sector by prioritizing deregulation and pro-business initiatives, thereby alleviating the regulatory constraints on crypto enterprises. Crypto stakeholders typically endorse a Trump presidency because of his favorable position on cryptocurrency.
Matthew Sigel, Head of Digital Assets Research at VanEck, asserted that either candidate will probably maintain fiscal policies that could result in augmented quantitative easing, which has historically favored Bitcoin. This would perpetuate the pattern of diminishing the US dollar, fostering a macroeconomic environment conducive to Bitcoin’s strong performance.
Alongside election results, VanEck has noted a substantial increase in institutional interest in Bitcoin, with trading volumes surging by 173% and US dollar-denominated Bitcoin transfers escalating by 202%.
Countries such as Kenya, Ethiopia, and Argentina have commenced Bitcoin mining, enhancing both sovereign and institutional engagement in the digital commodity.
