Institutions differ from what you think! VanEck: Janet Yellen's election is more favorable for Bitcoin

The Republican presidential candidate, Donald Trump, has embraced cryptocurrency in this election campaign, although his attitude has not always been this way. In fact, during his previous campaign, he considered cryptocurrency to be a speculative bubble. However, in this campaign, he has successfully portrayed himself as the savior of the cryptocurrency industry through various marketing strategies. The Republican Party, to which he belongs, has also included cryptocurrency in its 2024 platform. Earlier, we reported that most of the states in the U.S. that allow cryptocurrency taxation are Republican strongholds. While many believe that a Republican victory would be more favorable for the development of Bitcoin, asset management company VanEck, which issued a Bitcoin ETF, believes that a victory by Kamala Harris would be more beneficial for Bitcoin.

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The Republican Party had promised to include Bitcoin in the national reserve and remove SEC Chairman Gary Gensler as part of its election pledges related to cryptocurrency. Because of this, many believe that the Republican Party and its presidential candidate, Donald Trump, are the beacon of hope for the cryptocurrency industry. Trump himself has actively engaged in selling personal NFTs, hosting NFT dinners, and even launching the DeFi project World Liberty Financial.

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However, not everyone is buying into the Republican Party's marketing tactics. Journalists who actually attended Trump's NFT dinner bluntly stated that he has no understanding of cryptocurrency. Billionaire Mark Cuban, who has a relationship with Trump, also expressed support for Hillary Clinton.

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In contrast, Democratic presidential candidate Hillary Clinton is navigating through murky waters when it comes to cryptocurrency. Despite efforts by some Democrats to arrange meetings between her and industry figures, she has not explicitly stated her position on the matter. However, asset management company VanEck, also the issuer of Bitcoin and Ethereum spot ETFs, suggested in a recent report that Clinton's election may be more favorable for Bitcoin's development.

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VanEck Envisions Two Scenarios, But Regardless, Macroeconomics Will Drive a Bull Market

VanEck's Director of Digital Asset Research, Matthew Sigel, and analyst Nathan Frankovitz pointed out that assuming Hillary Clinton is elected, the likelihood of Gary Gensler remaining as SEC Chairman, and even getting closer to Elizabeth Warren in financial policy, is increasingly high. In this scenario, the cryptocurrency industry is expected to face a more stringent regulatory environment, which will suppress the adoption of digital assets by U.S. institutions and further restrict domestic entrepreneurial activities.

However, focusing solely on Bitcoin, VanEck's stance is that a Hillary Clinton presidency may be better for the industry than a Trump victory. Essentially, Bitcoin and altcoins are competitors, and the decline of altcoins benefits the adoption of Bitcoin. After the launch of Bitcoin and Ethereum spot ETFs, altcoins would be the biggest victims of regulation, as can be seen in VanEck's report from July. VanEck believes that if Hillary Clinton is elected, Bitcoin's unique regulatory clarity may make it more competitive than other digital assets.

On the contrary, VanEck believes that if Trump becomes president, it would bode well for the entire cryptocurrency ecosystem, as it may lead to more relaxed regulations and business-friendly policies. Regulatory scrutiny of cryptocurrency companies by regulatory bodies has been increasing over the past four years. However, regardless of the election outcome, VanEck believes that the trend of rising fiscal deficits and national debts may continue. This indicates a weakening dollar, which historically has been a conducive macroeconomic environment for the growth of Bitcoin.

Hillary Clinton has declared her support for advancing the AI and cryptocurrency industries, with a New York fundraising event focusing on the "opportunity economy."