Key Points
- US Vice President Kamala Harris is urged to secure cryptocurrency support for the 2024 election.
- Donald Trump promises to establish a strategic Bitcoin reserve if elected.
US Vice President Kamala Harris, who is likely to be the Democratic presidential nominee for the 2024 election, is facing a significant challenge.
According to the Official Monetary and Financial Institutions Forum (OMFIF), Harris needs to win the support of the cryptocurrency community to counteract the growing influence of Donald Trump within the crypto sector.
Trump’s Crypto Appeal
Trump recently made a significant move to attract the crypto vote. At a Bitcoin conference in Nashville, he pledged to set up a strategic Bitcoin reserve if he is elected. Trump argued that a Democratic administration could harm the crypto industry and emphasized his commitment to the sector.
Trump’s promises at the conference included purchasing 200,000 Bitcoins every year for five years. He stated that this would reduce the supply and increase the asset’s price, possibly attracting significant campaign donations from Bitcoin holders.
Lewis McLellan, the editor of OMFIF’s Digital Monetary Institute, noted that Trump has identified a group of dissatisfied voters and potential donors.
Meanwhile, Harris’s position on digital assets is not clear. A Politico report suggests that Harris has not yet taken an official stance but seems open to it. Her campaign has recently interacted with crypto representatives, indicating a potential shift in policy.
The Democratic Debate on Crypto
The internal debate among Democrats about crypto policy is intensifying. Some members advocate for a more supportive approach, while others remain skeptical. The OMFIF commentary urged Harris to set out her own crypto agenda to avoid losing ground to the Republicans.
If Harris can win over the crypto community, it could influence votes and donations in key states. The commentary noted that there is little to lose and potentially much to gain. However, crypto critics within the party are encouraging her to maintain a firm stance, consistent with the policies of the current administration.
The current administration, led by figures like SEC Chair Gary Gensler, has been strict on crypto regulation. Trump has promised to remove Gensler if elected, vowing to end what he calls the “persecution” of the crypto industry. His strategy includes pro-crypto policies, such as establishing a Bitcoin reserve and creating a crypto advisory council.
Trump’s support for the crypto industry is part of a broader GOP push since he left office. His stance contrasts sharply with his earlier criticism of Bitcoin, which he once called a “scam”. However, his recent actions suggest a calculated effort to leverage the support of the crypto community for his campaign.
As Harris prepares for the Democratic National Convention, her team must navigate this complex landscape. Crypto-friendly Democrats are hopeful about her tech-savvy background, hoping she will adopt a more favorable stance towards digital assets. Her approach to crypto could play a crucial role in the upcoming election, influencing voter support and campaign financing in key battleground states.
