After months of not directly addressing the cryptocurrency community, Vice President Kamala Harris made her second mention of blockchain and crypto in a recent speech at The Economic Club of Pittsburgh, saying she wants the United States to “remain dominant” in blockchain, artificial intelligence, and other nascent technology industries.
“We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing,” Harris said. “The next generation of breakthroughs — from advanced batteries to geothermal to advanced nuclear — are not just invented, but built here in America by American workers,” she added.
Harris is looking to make up ground against her Republican rival, former president Donald Trump, who has emerged as a staunch cryptocurrency advocate in recent months as he looked to secure the crypto vote in what is expected to be a close election.
In addition to her speech in Pittsburgh, Harris also briefly mentioned her position on digital assets in an 82-page economic plan released ahead of Wednesday’s visit to The Economic Club of Pittsburgh.
“Vice President Harris and Governor Walz will sharpen America’s edge in sectors that are critical for our economic and national security,” the document reads. “They will create an America Forward strategy to jumpstart a new era in American industry, by developing, manufacturing, and deploying technologies and manufacturing them at scale… Their strategy includes both investing in emerging technologies and modernizing traditional industries. It will also encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
While speaking in Pittsburgh, Harris also stressed the importance of the U.S. leading the pack when it comes to the development of new technologies, vowing to make sure the country “leads the world in the industries of the future and [make] sure America, not China, wins the competition for the 21st century.”
The debate around which candidate would be better for crypto has intensified ever since Harris entered the race. While many saw Trump as the better choice when he faced President Biden, the community is mixed regarding Trump v. Harris, with proponents on both sides making the case for why their candidate is better.
According to a report from Matthew Sigel, Head of Digital Assets at VanEck, both candidates could have a positive effect, albeit for different reasons.
“On the political front, we think that while Kamala Harris and Donald Trump are bullish for Bitcoin, each presents more nuanced implications for the broader digital asset markets,” he wrote. “Both administrations will likely maintain fiscal spending if not further accelerate, which could lead to further quantitative easing – especially if exacerbated by anti-business policies.”
“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,” he said. “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 (BTC) 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,” Sigel added. “Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets.”
“Conversely, we believe a Trump presidency is generally bullish for the entire crypto ecosystem, as it would likely produce more deregulation and business-friendly policies – perhaps particularly so for crypto entrepreneurs, who regulators have increasingly scrutinized in the past four years,” he said. “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.”
According to analysts at QCP Capital, the rising stature of cryptocurrencies as a voting issue means that the industry stands to benefit regardless of who wins the election. “With both presidential candidates pledging their support for crypto, the election of either candidate would be a win for the crypto ecosystem in the U.S,” QCP analysts said.
Based on a survey of analysts conducted by Kitco Crypto, Bitcoin is expected to see greater upside if Trump wins, hitting a price between $125,000 and $140,000, while a Harris victory would see it increase to somewhere between $75,000 and $90,000.
However, several analysts also warned that a Harris victory could mean a continuation of the Biden administration’s regulation-by-enforcement approach to crypto, in which case King Crypto could revist lower support levels between $30,000 and $40,000.
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