Why bitcoin investors don't want Kamala Harris to win the election?

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By TP

Digital assets play an important role in these presidential elections. According to Polymarket, Donald Trump has the advantage in the November 5 election. Bitcoin (BTC) and cryptocurrency investors can't wait for November 5, the day the presidential elections in the United States will take place. This is a political event that has significant weight worldwide as it is the main financial power and, in addition, the policies taken by the next government will influence the digital assets sector. Both the Republican candidate, Donald Trump, and the Democratic Party candidate, Kamala Harris, They expressed their support for the cryptocurrency industry and at the end of the campaign, both fight for the votes of investors.

Harris and Trump dispute the presidential term. Source: ppllstatics. Within that universe, that of bitcoin and digital currency users, the one at a disadvantage is the current vice president of Joe Biden's administrationwho was criticized for adopting measures and regulations that hindered the growth of the sector. That is why Harris is not liked by those voters, although, of course, there are exceptions. To mention some facts, the position of the United States Securities and Exchange Commission (SEC) against the Binance, Coinbase and Kraken platforms or the veto of SAB Law 121, which gave the ability to highly regulated financial entities to custody cryptocurrencies. According to the latest report from the consulting firm Triple A, it is estimated that there are 50 million digital currency users in the United States. Taking into account that, in the previous, it is emerging as a close election, The opinion of that universe could define the electoral contest. In this regard, Adam Dubove, director of the Argentine financial consulting company Ichimoku Fibonacci, explained: “150 million people vote in the United States elections. Although we do not know how many of these bitcoin and cryptocurrency users and vote, a significant number.”

Biden's legacy

Another issue that distances investors from the figure of Harris is the tax increase that Biden applied during his administration to allocate those resources to social security programs or “Medicare”, the health insurance program for those over 65 years of age. To mention some of them, increases in taxes on wealth and taxes on companies, in addition to tariffs on imported products. It is estimated that during his 4 years at the head of the United States he left without effect the cuts that implemented by his predecessor Donald Trump.

In a desperate attempt to distance herself from Biden, Harris proposes a twist in the tax proposal and suggests a 28% tax on large fortunes against the current US president's 39.6%.

United States President Joe Biden and Vice President Kamala Harris. Source: Kamala Harris's X Account. Will it be enough to attract Republican voters who do not agree 100% with Trump's ideas? In principle everything would indicate no, although without a doubt It is a gesture with some Wall Street personalities who support his candidacy. During a rally in New Hampshire, he also assured that he has in mind to implement a tax incentive plan for small businesses and soften the position that the richest and large firms are the ones who pay the highest taxes. Meanwhile, Harris points out that Trump's proposals will only serve to lower taxes on billionaires at the cost of increasing the deficit and debt in an unsustainable way. As BitcoinDynamic has reported, The debt of the United States already exceeds 35 trillion dollars and generates concern in the International Monetary Fund (IMF) about the consequences that a crisis in that country could have on a global level.

Advantage for Trump

The truth is that, so far, these ads are not making an impact in the polls. At Polymarket, the cryptocurrency betting house, The Republican candidate has a 65.3% chance of winning against Kamala Harris' 34.8%.

That advantage was consolidated after the incorporation of Elon Musk into the Trump campaign, which meant an important change at least in the bets placed by the platform's users.

Trump takes advantage over Harris in Polymarket. Source: Polymarket. Even though it is a betting house, Polymarket became a source of truth to measure opinion polls and is on par with traditional surveys. It is known for its prediction markets that are powered by tokens and cryptocurrencies. The platform has accumulated $2 billion in bets for these elections, underlining the interest and confidence of users in this prediction system.

Which players in the cryptocurrency sector support Kamala Harris?

Although everything seems to indicate that Harris would keep Gary Gensler at the head of the SEC, there are actors in the cryptocurrency industry who They support the candidacy of the current vice president.

Chris Larsen, co-founder and president of Ripple, donated $10 million in XRP, the cryptocurrency issued by that company, to Harris' campaign “in support of her.” While it is true that he is against the regulatory policies of the current administration, he is optimistic about measures that could boost technological innovation in digital currencies. “I believe Kamala Harris will ensure that American technology dominates the world, which is why I will donate $10 million in XRP to support her,” Larsen said. For his part, Mark Cuban, owner of the Dallas Mavericks NBA franchise and digital asset investors, announced that he supports Harris' candidate and He is optimistic that he will implement a more favorable regulatory framework for the sector.

With the cards on the table, the big question is whether Harris will have enough capacity to distance herself from Biden and his regulations to capture the largest number of votes in the universe that makes up the 50 million cryptocurrency users. The answer will be known after November 5.