From a cryptocurrency perspective, the founder of Cardano Charles Hoskinson suggests that former US President and Republican Party presidential candidate Donald Trump is better prepared to win US presidential election as he has shown greater support for the US cryptocurrency industry than Vice President Kamala Harris.
Hoskinson endorses Trump for his support of cryptocurrency industry
In the recently completed TOKEN2049 Conference in SingaporeHoskinson has been particularly outspoken about his support for the Trump administration. On CNBC interview on Friday, September 20, he said: “Any presidential candidate who actively attends cryptocurrency-related conferences or initiates decentralized finance (DeFi) projects is likely to be more supportive of the industry than someone who appointed SEC Chairman Gary Gensler.”
The comment follows Trump’s promise at the July Bitcoin conference to advocate for favorable cryptocurrency regulation and his promise to fire Gensler on his first day in office. Hoskinson, meanwhile, has been particularly critical of Biden-Harris Administrationwho he believes has adopted a hostile stance towards the cryptocurrency industry.
He even went so far as to say that voting for Kamala Harris would jeopardize the U.S. cryptocurrency sector. This belief is reflected in numerous enforcement actions taken by the SEC under Gensler Leadership with major cryptocurrency companies such as Ripple, Binance, and Coinbase.
Since attending the Bitcoin conference, Trump has repeatedly demonstrated his support for the industry, including by launching a DeFi project called Global Financial Freedom and using Bitcoin to buy cheeseburgers for his supporters. Asked whether Trump’s support for cryptocurrencies is opportunistic given his family’s involvement in the sector, Hoskinson acknowledged that all politicians, including the former president, exhibit “some degree of opportunism.”
In an interview with the Financial Times on Friday, September 20, Hoskinson also expressed reservations about Trump-backed venture World Liberty Financial. The Cardano founder fears the platform could become a political issue. “Trump is launching a DeFi application, and that’s worrying for the industry,” Hoskinson said.
VanEck Analysts Side with Harris Administration on Bitcoin
Despite Trump’s recent moves in favor of the cryptocurrency industry and support from prominent crypto investors, Charles Hoskinson remains somewhat skeptical that Trump or Kamala Harris, if elected, will significantly advance the growth of the cryptocurrency industry in the U.S. However, he noted that Trump “is the favorite (for president) from a crypto perspective.”
Interestingly, some analysts at VanEck they say Kamala Harris might be a better choice BitcoinThey argue that her presidency will likely maintain current economic policies, which could weaken the US dollar and raise bitcoin adoption.
“We believe that Kamala Harris’ Presidency could be more beneficial for Bitcoin than a second Trump term, as it would likely accelerate many of the structural problems that underlie Bitcoin adoption,” Matthew Sigel and Patrick Bush said in a report published Thursday. They added, “As inflation and currency devaluation continue to challenge monetary systems, Bitcoin could serve as a key hedge.”
Featured image from WIRED, chart from TradingView
