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After Joe Biden's withdrawal from the presidential race, Kamala Harris is mentioned as the new presidential candidate, and her chances against Trump, who is pro-Bitcoin and crypto, are increasing.
However, Kamala Harris has only one chance to win and that is to get the support of the crypto industry.
US independent think tank OMFIF stated in its latest report that US Vice President Kamala Harris, who is likely to be the Democratic presidential candidate, cannot defeat Republican candidate Trump without the support of the cryptocurrency industry.
Pointing out that Harris cannot afford to leave the support of the crypto industry to Trump, OMFIF stated that the support of crypto voters in the November elections will be “critical” and will be the determinant of this election.
According to OMFIF, Harris cannot ignore the cryptocurrency industry for some key states where she could come out ahead.
Stating that Harris should take action on crypto against Trump, OMFIF said that Harris could make a difference against Trump in some key states if she gets the support of the crypto industry.
Lewis McLellan, editor of the OMFIF Digital Currency Institute, said:
“Last week, Trump addressed cryptocurrency supporters at the Bitcoin Nashville conference and promised to create a strategic Bitcoin reserve if elected.
He said that if Democrats win the White House, it would be a disaster for the cryptocurrency industry.
With his characteristic opportunism, Trump identified and won over a segment of disaffected voters and, perhaps more importantly, potential donors.
Perhaps more importantly, getting 200,000 Bitcoins a year for five years under Trump's promises would give the US a not insignificant share of the eventual 21 million total bitcoins.
By reducing the supply of Bitcoin, Trump's strategy could attract significant donations and potentially increase the price of BTC.
“This pledge alone could be enough to attract donations and support from companies and individuals who hold significant amounts of Bitcoin.”
OMFIF recently stated that although Kamala Harris has not yet taken an official stance on cryptocurrency, her interest has increased and she has interacted with crypto representatives.
*This is not investment advice.