In a volatile period for Bitcoin (BTC) and a bleak outlook for altcoins, former President Donald Trump is making notable moves to win over cryptocurrency investors. Despite his tarnished reputation and the rise of Kamala Harris as a significant contender, Trump remains committed to securing the support of the crypto community.
Trump’s Key Crypto Allies
Trump’s team today announced that Howard Lutnick, CEO of Cantor Fitzgerald, and Linda McMahon, co-founder of World Wrestling Entertainment, will manage staff if he wins the presidency. Both are major GOP donors with significant wealth. Cantor Fitzgerald has been managing Tether’s treasury portfolio since 2021 and holds millions in BTC ETF assets. Lutnick, a staunch Bitcoin advocate, reinforced his support with a keynote at the Bitcoin 2024 conference.
How Will Harris Respond?
The battle between Democrats and Republicans is intensifying, with Harris gaining traction despite trailing in polls. Crypto investors are keenly watching how this will impact the election. Historically, pro-crypto promises have swayed votes in various countries, and the crypto community in the U.S. could be a pivotal factor. Harris remains silent on crypto, but her team recognizes the need for clear regulations, a stance some Democrats support.
Potential Outcomes for Crypto Investors
Trump’s pro-crypto stance could lead to favorable regulations. Lutnick’s involvement suggests a potential increase in Bitcoin and stablecoin support. Harris may need to adopt a pro-crypto position to secure key votes. The outcome of the 2024 election could significantly shape the U.S. crypto landscape.
With less than three months until the November elections, Trump and Harris are neck and neck in the polls. While Trump has shown clear support for cryptocurrencies, Harris could tip the balance in her favor by adopting a pro-crypto stance, potentially attracting millions of crypto-savvy voters.
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