An analyst now says Bitcoin will surge despite the US election outcome, citing that both Trump and Harris are bullish on crypto.
A leading analyst from one of the largest asset management firms in the cryptocurrency sector believes that the upcoming November election will have a positive impact on Bitcoin (BTC), regardless of the outcome.
Matthew Sigel, head of digital asset research at VanEck, asserts that the U.S. federal election will significantly influence the crypto landscape but will ultimately be bullish for Bitcoin.
Sigel indicates that both presidential candidates, Kamala Harris and Donald Trump, harbor potential benefits for Bitcoin, albeit with different implications for the broader digital asset market.
He notes that both candidates are likely to maintain or even increase fiscal spending, which could lead to further quantitative easing (QE)—a development historically favorable for Bitcoin.
If Kamala Harris wins, Sigel anticipates that Bitcoin could outperform the overall crypto market.
He suggests that if Harris retains Gary Gensler as SEC Chair or aligns with the more progressive elements of the Democratic Party regarding financial policy, the digital asset industry may face heightened regulatory scrutiny.
While this could stifle institutional adoption, the unique regulatory clarity surrounding Bitcoin might enhance its competitiveness compared to other cryptocurrencies, per the report.
On the other hand, Sigel believes that another term for Donald Trump would be generally positive for the entire crypto ecosystem.
His administration is expected to favor business-friendly policies, particularly toward cryptocurrencies.
Regardless of which candidate prevails, Sigel emphasizes that ongoing fiscal deficits and rising national debt are likely to persist.
“Suppose Kamala Harris were to retain Gary Gensler as SEC Chair or align closely with the Elizabeth Warren wing of the Democratic Party when it comes to finance policy, which looks increasingly likely.
In that case, the digital assets industry generally is expected to confront a tightening regulatory environment that would dampen institutional adoption of digital assets in the U.S., further restricting domestic entrepreneurial activity.
On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place…
Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets,” the analyst suggested.
This trend suggests a weakening U.S. dollar, creating a macroeconomic environment where Bitcoin has historically thrived.
However, not everyone thinks Harris is the safest bet for cryptocurrency.
Cardano (ADA) founder Charles Hoskinson says that if Kamala Harris is elected, it will be the death of cryptocurrency.
In August, Harris vowed to raise the cryptocurrency tax to 28%.
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Also Read: Asset Manager Now Makes 2050 Bitcoin Prediction of Whopping $2.9M
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