Author: Rhythm Worker, BlockBeats
Bitcoin doesn’t need politicians, but politicians need Bitcoin.
With U.S. President Biden announcing that he will not run for reelection, Vice President Kamala Harris has become the most powerful contender for the Democratic nomination. Although we previously learned that Harris was not familiar with cryptocurrency, recent movements show that she seems to be learning this field quickly.
Encryption is now a "compulsory course" for politicians
Prior to today, Harris' only involvement with cryptocurrency was hiring the former chief technology officer of the world's first sports team to accept Bitcoin as her director of scheduling and advancement. Financial disclosures also show that Harris and her husband have never been involved in the cryptocurrency field, preferring to invest in government bonds and emerging markets.
Yet, less than 48 hours after announcing her candidacy for president, Harris had already begun learning encryption.
According to Decrypt, Harris' advisory team has begun consulting Bitcoin enthusiast and billionaire Mark Cuban on cryptocurrency policy.
Cuban said Harris' team asked him several questions about cryptocurrencies, indicating their strong interest in the field.
Cuban also mentioned that although Harris has not publicly expressed her views on cryptocurrency, as a former San Francisco politician, she is considered to be closer to the interests of Silicon Valley and the technology industry than Biden.
In fact, before Harris' team consulted Cuban, the cryptocurrency lobbying group "Chamber for Digital Commerce" sent a letter urging Harris to embrace cryptocurrency and suggested that she choose a running mate who strongly supports cryptocurrency.
The lobbying group stated: "The public perception that the Democratic Party holds a negative view of digital assets is largely due to the Biden/Harris administration's cautious or even hostile attitude towards these transformative technologies. Your presidential campaign provides an opportunity to change this perception." This seems to have worked for Harris' team.
As the cryptocurrency lobby heats up, it may make sense for Harris to publicly support Bitcoin. After all, the crypto industry has invested millions of dollars to influence Washington politics, and Congress has passed a number of pro-crypto policies.
Bitcoin Conference may be the first battleground between Trump and Harris
We all know that Trump will be giving a speech at an upcoming Bitcoin conference in order to continue his supportive stance on cryptocurrencies.
Currently, there are reports that Harris will also speak at the Bitcoin conference. As of now, BlockBeats has not confirmed whether Kamala Harris will speak at the conference, but this possibility is not impossible.
After all, Bitcoin Magazine and Bitcoin Conference CEO David Bailey did say on his social platform that he was in talks with the Harris campaign to have her speak at the conference. "It would be very smart if she could reposition the Democratic Party among the fastest growing voter group in the country. They are making up their minds today."
This also means that the Bitcoin Conference may become the first battlefield for Harris to face off against Trump after confirming her presidential run. And Bitcoin will be the main focus of these two fierce competitors.
Harris also eyes encrypted votes
Today, cryptocurrency is no longer a niche topic, and it is increasingly influencing American politics. Both independent presidential candidate Robert Kennedy and Republican candidate Donald Trump have publicly supported Bitcoin, forcing the Democratic Party to take action.
Democrats face two choices: continue to oppose Bitcoin, or change course and support Bitcoin as a symbol of freedom.
On the Democratic side, with Biden's withdrawal, Harris' nomination probability on the cryptocurrency prediction market Polymarket once soared to 82%. But it does not rule out that other potential candidates will become dark horses.
More importantly, Obama, the most influential politician in the Democratic Party and a former president of the United States, did not publicly express his support for Harris to succeed Biden. In addition to Obama, former Speaker of the U.S. House of Representatives Pelosi did not immediately express support for Harris. Last week, U.S. media reported that both of them were in favor of an "open" process to select a candidate to succeed Biden.
From Harris's perspective, there is the strong opposition of pro-crypto Republican candidate Trump externally; internally, the Democratic Party also has plenty of time to select another presidential candidate.
Harris, who loves to smile in front of the public and the camera, is actually facing multiple pressures from both inside and outside, and she and her team must make a choice quickly. It would be a wise strategy if Harris could reposition the Democratic Party in the crypto space, the fastest growing voter group in the country.
Of course, she could also pursue the same policies as Biden and take a cold stance on cryptocurrencies.
