Democratic victory could hinder cryptocurrency market growth, impacting Bitcoin and altcoins

From Nasdaq

August 25, 2024 12:21:00 PM:

Headed into the final stretch of the 2024 presidential campaign, the Republican Party is appealing to pro-crypto voters with a pro-Bitcoin agenda led by Donald Trump. On the flip side, Democratic candidate Kamala Harris is not offering any crypto-related policies, potentially impacting the cryptocurrency market with a cap on growth.

A Democratic victory could hinder Bitcoin’s potential to reach $100,000-$150,000 by 2025, as the Harris administration is unlikely to introduce new crypto-friendly policies. Altcoins might also suffer due to the uncertain regulatory environment and SEC’s strict approach towards classifying coins as securities, potentially impacting trade volumes and investor sentiment.

However, there is hope for the crypto market as influential investors under the “Crypto4Harris” group are advocating for the passage of the Financial Innovation and Technology for the 21st Century Act, which would regulate digital assets as commodities rather than securities, potentially reducing SEC involvement and benefiting investors.

While a Democratic victory might be negative for Bitcoin mining stocks like Marathon Digital Holdings and cryptocurrency exchange Coinbase Global due to regulatory uncertainty, investors can consider investing in green Bitcoin mining stocks like CleanSpark under an eco-conscious administration to build a smarter crypto portfolio in 2025.

Overall, without a significant pro-crypto push from the new presidential administration, investors should temper their expectations for crypto growth in 2025. It is important to stay informed and strategically invest in crypto assets to navigate potential regulatory challenges and market fluctuations under a Democratic government.

Read more at Nasdaq: Here’s How a Democratic Victory Could Affect the Cryptocurrency Market