Highlights:
- Kamala Harris aims to make the US dominant in blockchain and emerging technologies.
- Her stance marks a significant change from previous anti-crypto policies.
- Election results could significantly impact Bitcoin’s future performance and market dynamics.
In another potential policy pivot, Vice President Kamala Harris, the Democratic nominee for President in November’s upcoming election, has endorsed blockchain technology. During her speech at the Economic Club of Pittsburgh on September 25, Harris expressed her desire for the United States to “remain dominant” in blockchain, artificial intelligence, and other emerging technology sectors.
Advertisement
Her comments mark a notable shift from the current administration, which has been focused on undermining the crypto industry in the U.S. for the past three years.
She stated:
“We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing.”
Harris stressed that the U.S. must maintain its leadership over other countries in new technologies. She highlighted the need for America to lead “the world in the industries of the future” and to ensure that it, not China, wins the competition for the 21st century.
From Harris’ latest speech today she says that the US should become “Dominant in Blockchain”
I’m sure the “silence isn’t enough” “digital assets isn’t enough” crowd will move the goal post again.
But: progress!
— Adam Cochran (adamscochran.eth) (@adamscochran) September 25, 2024
Harris Embraces Crypto and AI
Until this past weekend, the Democratic presidential nominee had remained silent about cryptocurrency during her campaign. However, at a Wall Street fundraiser in Manhattan on Sept.22, Harris stated that AI and crypto are integral to her vision of an “opportunity economy.”
Harris said during the fundraiser:
“We will encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road.”
She reaffirmed that point on Wednesday in her 80-page economic plan. While it’s a small step, it’s a positive sign for the crypto industry, which has largely received support from Republican nominee Donald Trump this year. Recently, Trump visited the Bitcoin-themed bar PubKey in New York City, and his family’s World Liberty Financial project announced an upcoming token sale.
Analysts Predict Mixed Outcomes for Crypto Assets Based on Election Results
Analysts expect varied outcomes for crypto assets based on the election results. In a September 19 research note, VanEck analysts suggested that a Harris win might be “better” for Bitcoin than a second Trump term, as it could “accelerate many of the structural issues that drive Bitcoin adoption.”
They noted that another Trump presidency would be “generally bullish” for the crypto ecosystem, given his pro-deregulation stance and support for industry growth in the U.S. The analysts concluded that regardless of the election outcome, growing fiscal deficits and rising national debt would likely continue, leading to a weakening U.S. dollar, a macroeconomic environment where Bitcoin has historically thrived.
Venture capitalist Adam Cochran viewed her recent actions as a positive step for U.S. financial and tech leadership. However, he believes her support for cryptocurrency won’t attract many new voters. Some skeptics worry that if she is elected, she might change her stance against crypto and AI, similar to the current administration, due to environmental concerns. This highlights mixed opinions about her potential impact on cryptocurrency.
Utter nonsense.
She’s smart enough to know she can run for 8 years, pandering without intent to a large cohort locks her at 4 if she’s lucky.
She is very much interested in US financial dominance and US tech supremacy.
But she doesn’t stand to gain much from the crypto crowd…
— Adam Cochran (adamscochran.eth) (@adamscochran) September 25, 2024
FiveThirtyEight reports that Harris leads Trump in national polls, 48.4% to 45.8%. The Polymarket prediction platform shows an even closer race, with Harris at 50% and Trump at 49%. However, it indicates that Trump has gained the lead in Pennsylvania, a key swing state.
Trump just flipped Pennsylvania. pic.twitter.com/IazLg1HWYi
— Polymarket (@Polymarket) September 25, 2024
Advertisement
