Highlights:
- The first presidential debate between Kamala Harris and Donald Trump ended without mentioning crypto.
- Crypto remains a key issue in the 2024 U.S. election.
- MAGA price slips 12% as Trump’s victor odds drop 3%.
The Sept. 10 debate in Philadelphia between Vice President Kamala Harris and former President Donald Trump centered on key issues such as the economy, abortion rights, immigration, and foreign policy. Despite increasing demands for clarity on their crypto policies, neither candidate addressed the topic during the debate.
Advertisement
A recent Benzinga poll revealed that just 6% of respondents were most interested in hearing the candidates discuss digital assets. In comparison, the economy, jobs, and immigration were the top priorities for voters.
Throughout the debate, Trump’s chances of winning the election fell significantly on Polymarket, dropping by up to three percentage points to 49%. This shift brought the two presidential candidates to a near tie for the first time on the decentralized betting platform.
The debate ends with Trump and Harris tied.
55 days to go. pic.twitter.com/MGpsIl6It8
— Polymarket (@Polymarket) September 11, 2024
Trump’s Pro-Crypto Stance vs. Harris’s Emerging Engagement
Among the two leading candidates, Trump is perceived as more supportive of the crypto industry. He has pledged to end what he calls an “unlawful and un-American crackdown” on U.S. crypto activities. Trump promised to support Bitcoin miners, oppose central bank digital currencies, and create a strategic reserve with Bitcoin.
He vowed to fire SEC Chair Gary Gensler if elected. Additionally, Trump has strengthened his ties with the industry by choosing crypto-friendly J.D. Vance as his running mate and committing to advocate for bitcoin miners. On Sept. 5, Trump announced his intention to eliminate current anti-crypto regulations and position the United States as the “world capital of crypto.”
However, Harris has started engaging with the crypto industry, with sources indicating that her team is eager to learn more about the sector. Although her stance on crypto remains uncertain, some in the industry have criticized the current Biden Administration’s approach to regulating digital assets.
Trump Election Win Could Boost Bitcoin to $90K, Analysts Predict
Several analysts have attributed much of the crypto market’s short-term success, particularly Bitcoin’s price movements, to a potential Trump election victory in November. In a Sept. 9 investment note, Bernstein analysts forecasted that if Trump wins on Nov. 5, Bitcoin could surge to as high as $90,000 by the end of the year. On the other hand, if Harris wins the election, analysts anticipate that Bitcoin’s price could drop to as low as $30,000.
NEW: Bernstein analysts reportedly predicted that the price of #Bitcoin will rise to $80K-$90K if Donald Trump wins the US elections, but fall to $30K-$40K if Kamala Harris wins, in a note to clients. pic.twitter.com/dBoRWtz9Cw
— Bitcoin News (@BitcoinNewsCom) September 9, 2024
Crypto Spending Surge Influences Election Dynamics
Although crypto was not discussed, it has become a highly contested issue in this election. According to a recent report by consumer advocacy group Public Citizen, crypto firms have already spent $119 million in 2024, with nearly all of the funds directed towards super political action committees, particularly the Fairshake PAC.
Several prominent figures in the crypto industry have backed Trump financially. Gemini co-founders Tyler and Cameron Winklevoss contributed $2 million worth of Bitcoin to his campaign. On her side, a grassroots initiative called Crypto4Harris organized a town hall on Aug. 14 to “do a formal reset.” Another event is planned for Friday, where crypto executives will hold a fundraiser for Harris with a goal of raising at least $100,000, according to a Reuters report.
MAGA Coin Drops 12% After Heated Trump-Harris Debate
MAGA (TRUMP), the Trump-themed meme coin, has faced significant selling pressure following the Trump-Harris debate. The MAGA price is currently down 12.07%, trading at $2.89 with a market cap of $127 million. Earlier in June this year, the MAGA price reached an all-time high of $17.10. However, it has since declined by more than 80%. Despite this drop, the price remains 4513% higher than its current market value.
Advertisement
