What Could the US Election Mean for Cryptocurrencies?
The US presidential election isn’t just a big deal for people living across the pond – it can also have an impact on life around the world. There’s a lot of interest in the result over here due to the fact that the next leader of the free world could have a say on some key global matters.
One of the biggest talking points is centring on Bitcoin and other cryptocurrencies. The president that gets in could have a big say on how these progress over the next few years.
Interest in the US Election is High
If you hadn’t realised already, the US election is a big deal in the UK. If you turn to the betting markets, you’ll see just how high the interest in the result is. The political betting is getting a lot of attention, with power prices available on Kamala Harris to win 54 per cent more of the popular vote.
According to the latest 2024 election odds, Donald Trump can be backed at 4/7 to win, while Harris is found at 11/8. As many of you may know, the election in the USA is a complex business, and candidates have to win a majority of states. That means that they could win more individual votes than their competitor overall but still not get into office.
There are various reasons why people in the UK are interested in the outcome of the presidential race. While many policies are specifically geared towards Americans, the two candidates have views on topics that can impact the rest of the world. There’s certainly a lot of talk about what could happen to cryptocurrencies after the next POTUS steps into the White House.
What’s Going to Happen to Cryptocurrencies?
The Republicans and the Democrats have different stances on cryptocurrency, meaning that this election could represent a ‘sliding doors’ moment for the future of fintech. Joe Biden’s administration has traditionally been cautious about Bitcoin and other digital coins, and experts reckon that Harris is likely to take a similar stance. That could mean that she puts plans in place to tighten regulations on the crypto market. That’s the last thing that BTC lovers want.
Trump was originally cautious about crypto as well, but he recently pivoted and has taken a more positive stance on its adoption. However, this could all be part of his campaign plan, knowing that he could win over the votes of crypto enthusiasts by backing digital currencies. Still, the former president has said that he now wants the US to become a global leader in fintech, and it may be advantageous for Bitcoin if he gets in.
The next president’s economic policies are likely to have an effect on the crypto market as well. For example, if one of the candidates promises lower tax rates on capital gains, it could encourage more crypto trading in the country.
The cryptocurrency market has been chopping sideways for months, but some analysts are expecting a massive breakout soon after the election. However, it’s uncertain how long that could last. The next president’s policies could have a massive impact on the long-term future of crypto.
