He said he would be bullish on crypto assets in general if Republican candidate Donald Trump wins.
On the other hand, if Democratic candidate Kamala Ha Ri Su wins, Bitcoin will
First, analysts say that whichever administration takes power is likely to maintain the current pace of spending, especially given the current administration's slump in spending.
If business is adversely affected by tightening regulations or tax increases, it could lead to new quantitative easing. Previous quantitative easing in the U.S. has been a positive factor for the cryptocurrency market.
On the other hand, if Ha Ri Su becomes president and keeps SEC Chairman Gary Gensler in his position and works closely with Democrat Elizabeth Warren on monetary policy,
"This could lead to increased restraint in corporate activity, which could lead to the crypto industry facing a tougher regulatory environment and slower adoption of crypto assets by institutional investors," the report said.
Senator Warren is known for her critical stance on cryptocurrencies, and has proposed the Digital Asset Money Laundering Prevention Act in 2023.
The bill would impose bank secrecy obligations on several individuals, including cryptocurrency investors and validators, raising concerns in the industry. Analysts say that Ha Ri Su's election as a candidate would be a "significant step" for Bitcoin.
He also noted that a Ha Ri Su administration would likely "accelerate many of the structural problems in the United States that have driven Bitcoin adoption."
In their July report, Matthew Siegel and others, who wrote the latest report, cited the "structural problems" in the United States, including the trend of government debt as a percentage of GDP increasing due to wasteful public works projects and the
He pointed out that bureaucracy in countries, including the US, is increasing costs for governments and the private sector, which in turn is undermining the value of major currencies such as the US dollar.
It has been attracting attention from various commentators as a risk hedge against the decline in the value of fiat currencies. Analysts say that in this case, Bitcoin is more regulated than other cryptocurrencies.
For example, the U.S. Securities and Exchange Commission (SEC) regulates various tokens as "securities," but considers Bitcoin a commodity.
Meanwhile, analysts say a Trump victory would be bullish not only for Bitcoin but for crypto assets in general, as follows:
If Trump becomes president, he is likely to further deregulate and promote business-friendly policies, which could lead to a boom in the cryptocurrency ecosystem.
This should be bullish on the industry as a whole, especially for crypto entrepreneurs who have come under increasing regulatory scrutiny over the past four years.
Finally, he reiterated that every administration will continue to run up fiscal deficits and increase the national debt.
is a bullish factor for Bitcoin, as it weakens the US dollar.
2024/09/24 14:03 KST
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