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The increasingly partisan sentiment within the digital asset industry has raised speculation on the possible impact of the US election on the crypto market. However, veteran crypto insiders believe the sector will thrive even if the crypto-friendly Donald Trump loses the election to Kamala Harris.
Crypto insider Ziad El Baba (ZEB), Chief Product Officer at Ramp Network, recently weighed in on the trending subject in a media interview. According to ZEB, whereas the market experienced a 3 per cent dent following the Democratic Party candidate’s upper hand in a presidential debate, the results may not offer a true picture of the US election’s impact on the crypto market.
Rather, ZEB reiterated that the market’s reaction should be seen as a statement underscoring the crypto sector’s decentralized nature, meaning that the upcoming US polls’ effect on the cryptocurrency market could be minimal. El Baba believes that while both presidential candidates have expressed positive sentiments on the subject, the crypto market has come of age and is subsequently influenced by its decentralized nature. How US polls will affect the crypto market cannot determine their global adoption.
Elections Historically Affect Financial Markets
There has been a wave of optimism surrounding former US President and Republican Party Donald Trump’s candidacy. However, his pro-crypto overtures among many crypto investors are beginning to wane, given his performance during the latest presidential debate. Several industry insiders believe crypto’s decentralized nature makes it a bipartisan asset with its own life.
The United States is currently at the forefront of an election whose outcome has historically influenced financial markets one way or the other. With the hotly contested election in November, speculation on how US polls will affect the crypto market is rife. The anticipated events remain significant because their effect transcends the traditional financial markets at a time when most crypto enthusiasts anticipate legislation that could be more crypto-friendly.
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Trump appears to be the Favorite due to his Crypto Sentiments
Issues surrounding the upcoming US election’s impact on the crypto market take centre stage because 2024 has been one of the most significant years for the crypto sector. First, the Bears gave room to the Bulls, and Bitcoin (BTC) achieved a new all-time high. Moreover, the final approval of spot exchange-traded funds (ETFs) for Bitcoin and Ether represented a significant leap toward mainstream crypto adoption. The unprecedented wins underscored the ongoing integration of cryptocurrencies into the mainstream economy, besides placing them in the limelight for potential political and regulatory scrutiny as the November polls approach.
The ongoing debate on the US elections’ impact on the crypto market has been a hot subject. Between the Democratic Party candidate Kamala Harris and the Republican Party candidate, Donald Trump appears to be a favourite due to his crypto sentiments. While giving a keynote address at the Bitcoin Conference in Nashville, Trump vowed to make the United States the “crypto capital of the planet.” Some parties within the crypto community fear that a Kamala Harris win could lower the value of Bitcoin and erode the gains made so far.
Macroeconomic Developments and not Upcoming US Polls
In the last few months, there has been a lot of speculation on the impact of the US elections on the crypto market. Some believe the polls will catalyze cryptocurrencies, especially if Donald Trump wins the elections. The Republican Party candidate continues publicly demonstrating his pro-crypto sentiments, seeing that he recently launched a DeFi project called World Liberty Financial. The Democratic candidate, on the other hand, hasn’t shared much about her crypto views, but some people believe she could become antagonistic. Some insiders compare her views to those of Securities and Exchange Commission (SEC) Chair Gary Gensler and Senator Elizabeth Warren (D-Mass), who appear to be a stumbling block to crypto adoption.
For most of 2024, the price of Bitcoin oscillated between $55,000 and $70,000 before hitting an all-time high of $73,000 last March. Investors expected the price of BTC to remain intact until Americans decide who their next president will be. However, it now appears like macroeconomic developments and not upcoming US elections impact on the crypto market. For example, insiders attribute the 3 per cent dip in the price of Bitcoin following the presidential debate to August’s positioning of US inflation data and interest rate updates in Japan.
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