Regardless of who wins the 2024 US election, Bitcoin [BTC] will weather any challenges, according to VanEck analysts.
However, analyst Mathew Sigel asserts that BTC could benefit more from a Kamala Harris administration than Trump.
âI think it's possible that an unfriendly Democratic administration could inadvertently help boost BTC.â
VanEck analysts published the above view in their recent September BTC review.
âWe believe a Kamala Harris administration could be more beneficial to Bitcoin than a second Trump term, as it would accelerate many of the structural issues that have historically driven Bitcoin adoption.â
Biden-Harris Administration vs. BTC
Trump has been a strong supporter of BTC, and his election victory would be seen as a positive signal for deregulation in the sector.
However, analysts emphasize that a hostile Harris administration could strengthen BTCâs market dominance.
âIf that happens, regulatory clarity for Bitcoin could make it more competitive against other digital assets.â
Structural issues have been raised regarding the USâs high debt and budget deficit, and analysts note that these issues will persist regardless of whether Trump or Harris wins the election.
Mathew Sigel and Nathan Frankovitz argue that this could weaken the US dollar, creating a favorable environment that has historically proven to boost BTC.
However, market experts warn that the notable Operation ChokePoint 2.0 (OCP) campaign is likely to be extended, with a Harris administration increasingly likely to become a reality. OCP refers to US agencies allegedly restricting cryptocurrency companiesâ access to the US banking system.
However, a recent update shows that Silvergate, a cryptocurrency-focused bank, remains solvent and able to meet its financial obligations but was reportedly forced to close under pressure from the Federal Reserve.
In August, the Federal Reserve warned another crypto-friendly bank, Customers Bank. Tyler Winklevoss, one of the founders of Gemini, warned that continued restrictions would kill the crypto industry in the US.
Amidst the banking crisis in US crypto companies, VanEck analysts believe that regulatory clarity for BTC will boost its growth. At the time of writing, Harris (51%) leads Trump (48%) by 3 points in the race to win the US election on prediction site Polymarket.
Currently, BTC price is valued at $63.1K and is on the verge of reclaiming the 200-day moving average (MA).
According to Coinbase analysts, the asset could attract further interest and growth from traders if it breaks above the 200-day MA to reinforce the long-term uptrend.
