From a crypto perspective, the founder of Cardano Charles Hoskinson suggests that former US President and Republican presidential candidate Donald Trump is better positioned to win US presidential election as he has shown more support for the US crypto industry than Vice President Kamala Harris.
Hoskinson Loves Trump For His Support Of The Crypto Industry
In the recently concluded period TOKEN2049 conference in SingaporeHoskinson was vocal about his support for the Trump administration. On CNBC interview on Friday, September 20, he said, “Any president who actively participates in crypto-related conferences or initiates decentralized finance (DeFi) projects is likely to be more supportive of the industry than SEC Chairman Gary Gensler’s nominee.”
These comments follow Trump’s pledge at July’s Bitcoin Summit to advocate for positive crypto regulations and his promise to fire Gensler on his first day as president. In contrast, Hoskinson has been highly critical of the The Biden-Harris administrationhe believes he has taken a counter stance in the crypto industry.
He went so far as to assert that voting for Kamala Harris would threaten the US cryptocurrency sector. This sentiment is echoed by several enforcement actions initiated by the SEC below Gensler’s leadership against big crypto businesses like Ripple, Binance, and Coinbase.
Since attending the Bitcoin Summit, Trump has shown his support for the industry on various occasions, including launching a DeFi project called. World Liberty Financial and using Bitcoin to buy cheeseburgers for his fans. When asked if Trump’s support for crypto is opportunistic, given his family’s involvement in the industry, Hoskinson admitted 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 doubts about the business backed by Trump, World Liberty Financial. The founder of Cardano is worried that this platform could become a political problem. “Trump is launching a DeFi initiative, and that’s about the industry,” Hoskinson said.
VanEck Analysts Favor Harris Administration For Bitcoin
Despite Trump’s recent connections to the crypto industry and the support of prominent cryptocurrency investors, Charles Hoskinson remains skeptical that Trump or Kamala Harris, if elected, will significantly improve the cryptocurrency industry in the US However, he noted that Trump is “the favorite (presidential candidate) in terms of of cryptocurrency.”
Interestingly, others analysts at VanEck they argue that Kamala Harris would be a better choice Bitcoin. They argue that his presidency is likely to maintain existing economic policies, which could weaken the US dollar and further accelerate the adoption of Bitcoin.
“We believe that a President Kamala Harris could be more beneficial to Bitcoin than a second Trump term, as it is likely to accelerate many of the structural problems supporting Bitcoin’s adoption,” said Matthew Sigel and Patrick Bush in a report released Thursday. They added, “As inflation and deflation continue to challenge financial systems, Bitcoin can be a valuable hedge.”
Featured image from WIRED, chart from TradingView