Kamala Harris’s Crypto Outreach May Be Too Late, Says Bernstein
A recent report from Bernstein Research has spotlighted the increasing relevance of cryptocurrency in the upcoming 2024 U.S. presidential election. The report suggests that Kamala Harris’s recent attempts to connect with the crypto community might be coming “a tad late.”
Kamala Harris’s Late Bid to Mend Crypto Relations
The Bernstein report reveals that Kamala Harris’s campaign is making efforts to rebuild relationships with leading crypto companies. This move comes after years of stringent regulatory measures against the crypto industry by the current administration.
Gemini’s Cameron Winklevoss Says Kamala Harris’s Move To Reset Crypto Relations Could Be a Big Bluffhttps://t.co/Vpl8CRDo5s#Crypto #Harris2024 #TrumpVance2024 #KennedyShanahan2024 pic.twitter.com/SsgtSNO8cn
— Xogos_Crypto (@Xogos_Gaming) July 30, 2024
According to the report, Democratic communications have highlighted that “20% of voters in key battleground states identified crypto as a major issue in the 2024 elections.” Additionally, the number of crypto holders in the U.S. has now surpassed 50 million, making their influence on election outcomes significant.
Crypto and Political Dynamics
Bernstein analysts are skeptical about the timing of Harris’s outreach. They believe that the crypto industry is looking for more concrete actions, such as the reversal of past regulatory actions, before showing support for her campaign.
The report also emphasizes the growing influence of crypto-focused political action committees. For instance, Fairshake, a crypto Super PAC supported by Coinbase and Ripple, has raised over $200 million to back candidates favorable to the crypto industry.
Regarding market dynamics, Bernstein predicts that “crypto markets will trade completely top-down on political developments until the election results in early November.” The report indicates that both Trump and Harris’s positions on crypto will significantly influence market trends until the election.
The Trump Factor in Crypto Markets
Bernstein analysts recommend that any “Trump trade” in the lead-up to the U.S. election should include a greater allocation to Bitcoin and Bitcoin-linked stocks. Bitcoin miners are particularly well-positioned, as their revenues are directly tied to Bitcoin prices.
Trump has shown clear support for the Bitcoin mining industry, leading Bernstein to expect that top U.S. miners will continue to consolidate global market share. The report projects that the top 5 Bitcoin miners will account for 25% of Bitcoin’s global network hashrate by 2025.
Bernstein has rated several crypto-related companies, including Riot Platforms (RIOT), CleanSpark (CLSK), Iris Energy (IREN), and Core Scientific (CORZ), as Outperform. Additionally, Microstrategy (MSTR), which holds 1.1% of the world’s Bitcoin as a corporate treasury asset, also received an Outperform rating.
ohhhhhh👉🚨Did you hear about🚨 Kamala Harris's decision not to speak at the Bitcoin 2024 Conference in Nashville😦? This move has sparked discussions about the implications it could have for the event.🟢
🌐desktop platform : https://t.co/RfbNyNtpQe pic.twitter.com/bNtLRVGBPU
— CryptoCrispy (@CryptoCrispyAI) July 30, 2024
Conclusion
As the 2024 presidential election approaches, the interplay between cryptocurrency and politics is becoming increasingly pronounced. Kamala Harris’s recent attempts to engage with the crypto community may be seen as too little, too late by some.
However, the actions and policies of both candidates will undoubtedly continue to shape the crypto market’s trajectory in the months leading up to the election. Bernstein’s insights underscore the pivotal role that political developments will play in determining the future of cryptocurrency in the U.S.
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