US Election May Propel Bitcoin Growth – Doesn’t Matter if its Harris or Trump

Top asset manager VanEck has recently analyzed the potential impact of the 2024 US Presidential election on Bitcoin.

The firm asserts that both candidates, Kamala Harris and Donald Trump, present favorable scenarios for Bitcoin, albeit with distinct effects on the wider digital asset market.

The report highlights a notable increase in Bitcoin interest compared to last year, fueled by institutional demand and rising global acceptance. Factors contributing to this trend include the growing use of exchange-traded products (ETPs) and government involvement in mining and international transactions.

In a report dated September 19, VanEck indicated that either a Harris or Trump presidency could be beneficial for Bitcoin. They expect that both administrations would likely maintain or even increase fiscal spending, potentially leading to more quantitative easing that would favor the leading digital currency.

Matthew Sigel, VanEck’s Head of Digital Assets Research, mentioned on X (formerly Twitter) that a Democratic administration, despite its seemingly cautious stance on crypto, might actually support Bitcoin’s growth. VanEck believes that a Harris presidency could enhance Bitcoin adoption by addressing ongoing structural challenges and providing clearer regulations, allowing Bitcoin to outpace other cryptocurrencies.

The firm posits that a Harris presidency might ultimately be more advantageous for Bitcoin than a second term for Trump, as it could accelerate the factors driving Bitcoin’s adoption.