An analyst from one of the biggest asset managers in crypto says any result of the November election will end up being bullish for Bitcoin (BTC).
In a new report for VanEck, Matthew Sigel, the firm’s head of digital asset research, says that the US federal election will likely have a significant impact on the crypto space, but will be bullish for Bitcoin regardless of which party wins.
Sigel says that both Kamala Harris and Donald Trump are bullish for Bitcoin, with only nuanced implications for digital assets.
Sigel adds both candidates will likely maintain fiscal spending – or increase it – which could lead to further quantitative easing (QE), which has historically been bullish for the asset class.
Should Kamala Harris win the November election, Sigel sees Bitcoin outperforming the broader crypto market.
“Suppose Kamala Harris were to retain Gary Gensler as SEC Chair or align closely with the Elizabeth Warren wing of the Democratic Party when it comes to finance policy, which looks increasingly likely. In that case, the digital assets industry generally is expected to confront a tightening regulatory environment that would dampen institutional adoption of digital assets in the U.S., further restricting domestic entrepreneurial activity.
On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place…
Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets.”
Conversely, Sigel says the firm believes that another four years of Donald Trump is “generally bullish for the entire crypto ecosystem” as the administration is likely to be more business-friendly, particularly to crypto, perhaps.
“Regardless of the election outcome, the trend of growing fiscal deficits and rising national debt will likely continue. This suggests a weakening of the U.S. dollar, a macroeconomic environment in which Bitcoin has historically thrived.”
At time of writing, Bitcoin is trading for $63,769, up 1.12% in the past day.
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The post Bitcoin (BTC) Will Thrive Regardless of US Election Outcome, Says VanEck’s Matthew Sigel appeared first on The Daily Hodl.
An analyst from one of the biggest asset managers in crypto says any result of the November election will end up being bullish for Bitcoin (BTC). In a new report for VanEck, Matthew Sigel, the firm’s head of digital asset research, says that the US federal election will likely have a significant impact on the
The post Bitcoin (BTC) Will Thrive Regardless of US Election Outcome, Says VanEck’s Matthew Sigel appeared first on The Daily Hodl. Bitcoin, Regulators, BTC, matt sigel, News, regulators, vaneck