On Tuesday night, presidential candidates Donald Trump and Kamala Harris engaged in their first and possibly only televised debate. Despite the rising interest in cryptocurrencies among investors, the topic is unlikely to surface during the discussion.
Voters' Main Concerns
Ron Hammond, Director of Government Relations at the Blockchain Association, notes that the general public does not prioritize cryptocurrencies in the election. This lack of voter pressure results in minimal focus from the candidates on their crypto policies. Although Trump aims to position the United States as a global hub for bitcoin, this stance primarily appeals to affluent donors and those focused on cryptocurrency issues. Prediction market Polymarket estimates a mere 14% likelihood that Trump will mention “crypto” during the debate. In contrast, there’s a 19% probability he will mention “aliens” more than five times, reflecting the low emphasis on cryptocurrency discussions.
Impact of Election Outcomes on Crypto Prices
The debate, airing on ABC at 9:00 PM ET, offers a platform for the candidates to highlight their stances on pressing issues. Although a Harris Polls survey from June shows growing voter interest in crypto investments, recent polls indicate that concerns like inflation, employment, and the overall economy dominate voter priorities. Trump’s ambition to lead in the crypto sector has attracted substantial financial support, with his campaign raising over $3 million from the crypto community in the second quarter.
Crypto Market Predictions
Wall Street research firm AB Bernstein forecasts that if Trump wins, bitcoin prices could soar to $80,000-$90,000 by year-end. Conversely, a Harris victory might see bitcoin fall to $30,000-$40,000 due to stricter regulations. Under a Harris administration, regulatory pressures on the crypto industry are expected to escalate. A Trump administration would likely reduce regulatory tensions around cryptocurrencies. Kamala Harris has largely avoided discussing cryptocurrencies, neither addressing the topic at the Democratic National Convention nor including it among her policy priorities. Nonetheless, she has notable supporters from the crypto sector, such as Mark Cuban and Anthony Scaramucci. Despite the financial implications tied to the election’s outcome, cryptocurrencies are not anticipated to be a decisive element in this electoral race.
Despite the financial implications tied to the election’s outcome, cryptocurrencies were not expected to become a key topic in the debate. The likelihood of serious discussion on cryptocurrencies remains low.
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