With the U.S. presidential election drawing closer, the two main contenders – Donald Trump and Kamala Harris – are strategically positioning themselves to appeal to supporters of cryptocurrencies.
While Trump has maintained a pro-cryptocurrency stance throughout the election season, Harris has recently stepped up her efforts to engage with this particular voter base.
Harris’ Embrace of Cryptocurrencies
In a noteworthy move, Harris gave a speech at The Economic Club of Pittsburgh on September 25th, in which she voiced strong backing for blockchain technology, artificial intelligence, and other emerging tech fields, emphasizing her dedication to keeping the U.S. at the forefront of these crucial industries.
During her address, she stated,
“We will invest in biomanufacturing and aerospace, maintain our leadership in AI and quantum computing, blockchain, and other emerging technologies, [and] strengthen our position in clean energy innovation and manufacturing.”
Harris also remarked,
“The next wave of innovations — from advanced batteries to geothermal to advanced nuclear technologies — will not only be conceptualized here but also constructed in America by American labor.”
Prior Instances of Engagement
Having said that, Harris publicly broached the subject of cryptocurrencies for the first time on September 22nd at a fundraising event in New York, where she assured her administration’s commitment to backing AI and digital assets should she assume office.
This initial mention of crypto in her campaign exemplified a shift in her strategy, indicating her recognition of the rising importance of virtual currencies.
Despite this acknowledgment coming later in the election cycle, her statements revealed a clear intent to incorporate cutting-edge technologies such as blockchain into her policy framework.
Support from Crypto Advocates
Despite Kamala Harris’s delayed engagement with the crypto community this election season, several influential individuals in the industry had already voiced their support for her.
Anthony Scaramucci, the founder of SkyBridge Capital, disclosed that he and a cohort of cryptocurrency supporters had been working with Harris to shape her approach toward digital assets.
He expressed,
“I have faith that progress is being made, and I believe we are moving in the right direction.”
Furthermore, on September 19th, Matthew Sigel, a VanEck analyst, suggested that Bitcoin may witness more favorable conditions under a Kamala Harris administration compared to a second term for Trump.
“We contend that a Kamala Harris presidency could potentially be more beneficial for Bitcoin than a Trump re-election since it may hasten the resolution of the fundamental issues that fuel the adoption of Bitcoin in the first place.”
Polymarket Landscape
As anticipated, Kamala Harris currently leads in the polls at 50%, with Donald Trump closely trailing at 49% according to the most recent Polymarket update.
Trump had held the lead for a while, but the dynamics shifted following their initial presidential debate.
With just 39 days until the election, the outcome has become increasingly uncertain.
Therefore, as the two candidates vie for the presidency, it will be intriguing to witness who will emerge as the U.S. leader in 2025.