Supporters “Harris’s Cryptocurrency” The political terrain may be difficult to navigate as some sectors have described US elections Campaign as a scam.
Critics of US Vice President Kamala Harris say the group lobbying for her that uses the word “cryptocurrency” as a rallying cry believes it aims to sway pro-cryptocurrency voters in this year’s US presidential election.
The campaign coincides with the Democratic Party’s call for “reset” On Vice President Kamala Harris’s stance on cryptocurrencies.
Cryptocurrency advocates, such as Balaji Srinivasan, who previously served as Coinbase’s chief technology officer, have lamented the campaign’s lack of substance.
“Democratic scam”?
Srinivasan did not hesitate to criticize Harris, claiming that the Democratic Party was wrong to try to win over the crypto industry without changing its policies. He called their efforts a “Democratic sham” and said their focus on crypto votes showed their lack of interest in politics.
Srinivasan added that if the current administration under the Biden administration wants to help the cryptocurrency sector, it should fire SEC Chairman Gary Gensler to stop the agency’s “sham trials.”
The difference between “Trump Crypto” and “Harris Crypto” is that Trump approached crypto, not made us come to him and beg him. https://t.co/9BkLQBeLCQ
— Preston Byrne (@prestonjbyrne) August 7, 2024
Cryptocurrency legal advisor Preston Byrne pointed out the different political figures’ views on cryptocurrencies. According to Byrne, Trump is, in some ways, involved in the industry, while Harris seems completely detached.
Trump, who has in the past called Bitcoin a “scam,” is now positioning himself as the candidate who embraces cryptocurrencies.
Furthermore, he said that if elected, his government would keep all the bitcoins that the US government already owns or acquires in the future.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
US Elections: The Unlikely Alliance
Harris could be threatened in the 2024 election by the alliance between Trump and billionaire Elon Musk, who recently backed him in the presidential election. While Musk’s financial support for Trump’s campaign is unknown, the two have become unusual allies on the far right, which includes a large number of cryptocurrency supporters.
Many see the “Crypto for Harris” US election campaign as a frantic effort to rebuild the confidence of crypto-friendly voters who have been disillusioned by the Democratic Party’s alleged lack of support for the sector. Critics argue that this is too little, too late even if the White House just held a roundtable with crypto CEOs.
The threat from Trump and Musk
Trump’s embrace of the medium and his promise to support government-owned Bitcoin could be very tempting for crypto enthusiasts. Musk’s support for Trump and potential financial assistance could open up even greater opportunities for the former president to win over the crypto community.
Source: Polymarket
Meanwhile, with the 2024 US election approaching, Harris’s campaign’s recent engagement with crypto has increased her chances of winning. Possible victory In November, its shares on cryptocurrency prediction market Polymarket rose 49%, putting it in direct competition with Trump.
Featured image from The Texas Tribune, chart from TradingView
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