Story Highlights
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Trump’s chance to win the US election has been increasing due to VP Harris’s consideration of Gary Gensler as a Treasury Secretary if she is elected as president.
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if Harris makes such a statement, there is a high possibility that crypto investors may not support her.
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Americans are concerned about inflation in the United States, which results in they are increasingly looking at Bitcoin and other crypto assets.
After a continuous price drop in the past few days, the cryptocurrency market sentiment looks to be shifting as former president Donald Trump’s chances to win the US election increase. This speculation comes following Vice-President Kamala Harris’s consideration of the US SEC chairman Gary Gensler as a Treasury Secretary if she is elected as president.
Crypto Market Rising, Why
Following this report, the sentiment has started to shift toward bullish resulting in top cryptocurrencies including BNB (BNB), XRP (XRP), Toncoin (TON), and Tron (TRX) experiencing massive price surges. According to the data, if Harris makes such a statement, there is a high possibility that crypto investors may not support her.
Apart from this, VP Harris also calls for raising the corporate tax rate to 28%, which would roll back a big part of former President Trump’s signature 2017 legislation which slashed the corporate tax rate from 35% to 21%, according to a share by a finance expert from Bloomberg. Whereas, this will also hurt voters and in the end, this thing would go in the favor of a Trump.
Trump promises to Americans
On the other hand, Trump in a recent conference said, he would give “gigantic tax cuts” to Americans. As of now, inflation remains the top concern among voters in the United States, due to this Americans are increasingly looking at Bitcoin and other crypto assets.
However, Trump is getting nearly 90% of crypto holders’ votes. According to a recent post by Grayscale an asset management giant, Trump has stated he intends to “keep 100% of all the Bitcoin the US government currently holds.”
#Crypto is a hot topic in the 2024 Presidential US election. With former President Trump taking the stage at #Bitcoin2024 & reports VP Kamala Harris may engage with the crypto industry, voters’ choices may help shape crypto’s future. What does this mean for the industry? 🧵(1/10)
— Grayscale (@Grayscale) August 19, 2024
Recent press reports show that key advisor picks by Harris may indicate a pro-crypto pivot. Still, concrete crypto policy plans are pending from both candidates.
