Kamala Harris is the democratic faction’s representative in the 2024 US election. She replaced Joe Biden to contest the election of the world’s most powerful democracy.
Kamala Harris’s candidature and possible victory will have huge ramifications for the cryptocurrency market.
It is not easy for Harris to win the votes of the largest community of crypto supporters in the US, mainly due to the eponymous presence of Donald Trump as a crypto enthusiast.
The Democrats are known always to have a distaste for crypto adoption. The current policies by the Biden government are more toward the restrictive side.
It is not an easy task for Kamala Harris to win the favor of crypto supporters unless she portrays herself to be a welcoming presence in the realm of crypto adoption.
Harris Presidency and Crypto Markets
Kamala Harris has become the face of the Democratic party after the incumbent US President Joe Biden stepped down from contesting the upcoming election.
Harris’s candidacy has, without doubt, given the younger generation a ray of hope as they anticipate that their peculiar issues will be addressed.
Harris has an image of being a progressive senator, and the voters are waiting to get a clear picture of her views on different areas, especially the decentralized financial sector.
The cryptocurrency markets are one area where Kamala Harris has not yet made any clear statements. Though she is positive about technology adoption, it is still a matter of contention if she will favor crypto adoption.
This image of Harris being open to different viewpoints can help her win the consensus of many crypto enthusiasts.
Kamala Harris has already stated her willingness to make inclusive policies for women, children, and minorities. Crypto adoption is an easy way to include marginalized communities in the country’s financial arena.
If Kamala Harris utilizes the possibility of the decentralized financial sector to power her inclusivity projects, like many other progressive legislators, her presidency would become the golden period for the crypto market.
However, there is a faction of voters who think that Harris would continue to follow Biden in keeping the crypto policies tight.
Biden had made strict policies to regulate the influx of digital currency and had appointed the US Securities and Exchanges Commission (SEC) to have a stronghold in the crypto market.
Biden exhibited increased skepticism about the market after the fall of certain crypto firms during the initial period of his term. If Kamala Harris follows suit, her presidency will be a bleak period for the cryptocurrencies.
Kamala Harris’s decision to not attend the upcoming Bitcoin Conference in Nashville later this week, despite her initial interest in the event, has become a point of doubt for the voters about her stance on the crypto market.
Donald Trump, the Republican candidate, is vocal about his openness to the adoption of cryptocurrencies. This will also serve to move the cryptocurrency users and supporters away from Kamala Harris and support Trump.
The voters are eagerly waiting to get an idea about the stance of Kamala Harris on this issue in the coming weeks of her campaign.
The US Crypto Market: A Few Insights
The United States of America, the largest population with financial literacy, is a major force in favor of the decentralized financial market.
In 2022, the US was the country with the largest amount of crypto coins in circulation, which was worth USD 1.19 Billion.
The compound annual growth rate (CAGR) of cryptocurrencies is predicted to be 12% from 2023 to 2030. The US soil is fertile enough to grow the seeds of decentralized financing.
The post-pandemic period saw people shifting to more contactless, online transactions.
Moreover, the lack of control by a centralized agency in the regulation of cryptocurrencies as well as the high security, transparency, and affordability of the crypto transactions are the major reasons for the growth of the US crypto market.
The Bottom Line
Cryptocurrency is a major force in deciding the outcome of the upcoming US elections.
The fact that the US has a good majority of its population enjoying the ease of using these digital coins is seminal in transporting the election results in a particular direction.
Whether it will favor the Democrats or the Republicans is yet to be determined.
