- VanEck analysts consider BTC may gain advantage extra from a ‘hostile’ Harris administration.
- Polymarket confirmed Harris maintained a 3-point lead on Trump.
In line with VanEck analysts, no matter who wins the 2024 US elections, Bitcoin [BTC] will sail by way of unscathed.
Nevertheless, analyst Mathew Sigel said that BTC may gain advantage extra from a Kamala Harris administration than below Trump.
“I do think it is possible that an unfriendly Democrat White House could inadvertently help BTC.”
VanEck analysts additional divulged the above outlook within the newest September BTC evaluate.
“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.”
Biden-Harris admin vs BTC
Trump has been a robust proponent of BTC, and his potential win will likely be deemed a bullish cue for regulatory easing for the sector.
Nevertheless, the analysts highlighted that the hostile Harris administration may reinforce BTC’s market dominance.
“Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets.”
The structural issues raised have been linked to rising US money owed and monetary deficits. The analysts famous that these points will persist no matter whether or not Trump or Harris wins the election.
Analysts Mathew Sigel and Nathan Frankovitz highlighted that this might weaken the US greenback, a ripe setting that has traditionally boosted BTC.
Nonetheless, market pundits have cautioned that the notorious Operation ChokePoint 2.0 (OCP) will probably be prolonged, with a Harris administration changing into extra probably. OCP refers to perceived US companies’ restriction of crypto companies from accessing the US banking system.
That stated, a current replace indicated that Silvergate, a crypto-focused financial institution, was solvent and in a position to meet its monetary obligations however was allegedly pressured to close down below the Fed’s strain.
Supply: X
In August, the Fed put one other crypto-friendly financial institution, Prospects Financial institution, on discover. Tyler Winklevoss, co-founder of Gemini, stated the continued restriction would kill the crypto business within the US.
Amid the huge de-banking amongst US crypto companies, VanEck analysts consider BTC’s regulatory readability would enhance it. At press time, Harris (51%) had a 3-point lead towards Trump (48%) on odds of successful US elections on the prediction web site Polymarket.
Within the meantime, BTC was valued at $63.1K at press time and was on the verge of reclaiming the 200-day Transferring Common (MA).
In line with Coinbase analysts, the asset may appeal to extra merchants’ curiosity and traction if it surged above the 200-day MA to strengthen a long-term bullish development.
Supply: BTC/USD, TradingView
