Elon Musk recently suggested that several major billionaires are preparing to withdraw their funds from financial markets if U.S. Vice President Kamala Harris wins the upcoming election. With Kamala Harris and Donald Trump being the leading contenders, the race remains competitive, with Trump enjoying considerable support while Harris garners significant public backing.
Billionaire hedge fund manager John Paulson, whose fund oversees $9 billion in investments, has expressed plans to move his holdings into cash and gold should Harris win. He raised concerns about the current government's 25% tax on unrealized gains for wealthy individuals, warning it could prompt mass selling and potentially trigger a market crash.
Musk noted that Warren Buffett is also preparing for this scenario, further intensifying the potential market impact.
Though both Harris and Trump are pro-crypto, these moves by influential investors could create uncertainty among cryptocurrency traders, many of whom are heavily invested in the market. Trump, meanwhile, has boosted his crypto standing by revealing details about a decentralized finance (DeFi) project and a native token.#BTC☀