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US Vice President Kamala Harris has surprisingly emerged as the likely Democratic Party presidential nominee after incumbent Joe Biden abruptly dropped out of the race last Sunday.
This shift has sparked a variety of rumors about how a Harris administration could shape the future of Bitcoin and the broader cryptocurrency industry.
With Harris' odds of winning the upcoming election rising to 29% after receiving the support of top Democrats, interested parties in the crypto market are eagerly observing whether there are any signs that could indicate the potential impact of a Harris administration on the industry.
Analysts from cryptocurrency exchange Bitfinex state that investors are currently adopting a cautious stance and are waiting for clearer signals regarding Harris' specific policies on cryptocurrency. For now, a tentative understanding of Harris' potential approach can be gleaned from his previous positions on consumer protection and financial regulation.
“Harris' political positions suggest a focus on consumer protection and financial regulations, which could mean continued scrutiny of the crypto market,” analysts said.
Analysts also noted that Harris is likely to continue the Biden administration's cautious approach towards cryptocurrencies, which may not benefit the market much. “Since Harris is part of the current administration, we can assume that the policies of the last four years will continue in the next term,” said YouHodler Market Chief Ruslan Lienkha.
However, Lienkha also acknowledged that there may be slight shifts in favor of crypto due to potential pre-election promises. “As a result of competition with the Republican candidate who is actively seeking support from crypto enthusiasts, there may be minor shifts in favor of crypto due to potential pre-election promises,” he added.
*This is not investment advice.