Bitcoin (BTC) Doesn't Need Donald Trump or Kamala Harris to Succeed, Industry Execs Say

Former US President Donald Trump and current Vice President Kamala Harris have just finished a 90-minute TV duel that has sparked much discussion.

Former US President Donald Trump and current Vice President Kamala Harris have just finished a 90-minute TV duel that has sparked much discussion about which presidential candidate performed better.

And while Donald Trump declared himself the victor, ruling out any further debates, many observers credited Harris with the stronger performance. Regardless, crypto investors were disappointed that neither candidate mentioned Bitcoin or crypto.

Trump, who was strongly opposed to crypto during his term in the White House, has been a stout supporter of the sector during his recent campaign. So, naturally many in the sector believe a Trump victory is the only way the sector can survive.

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And certainly, some analysts – for example, those at Bernstein – have forecast huge price gains if Trump gets elected and a large drop if Harris gets the job.

But not everyone is so clear-cut about how much it matters who moves into the White House next.

Bitcoin’s Fine, Doesn’t Need Trump or Harris

As per CNBC, Swan Bitcoin head of private clients and family offices, Steven Lubka, acknowledged that it’s understandable to be cautious, because Harris really hasn’t made a statement on crypto and the Biden administration – which she of course is a part of as VP – hasn’t got the best track record either.

However, Lubka said that despite the current administration’s obvious lack of support for Bitcoin, it managed to thrive, surpassing many other global assets. And Lubka doesn’t think this will change, no matter who wins the election:

Crypto Valley Exchange co-founder, James Davies, agreed with that sentiment, saying that despite headwinds the industry will move forward, adding that fears of a Harris term are exaggerated:

Final Thoughts: Mind-boggling Facts

Still not convinced? This little fun fact by Nate Geraci, President of the ETF store, might just show you how well the industry is doing, despite all the FUD.

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In a post on X (which is in itself a real echo chamber), he brought attention to the 2023 profit of Tether compared to that of BlackRock (just the largest asset manager globally):

Most mind-blowing stat in crypto right now…Tether generated $6.2bil of profit in 2023. That was $700mil more than BlackRock, the world’s largest asset manager.

Tether market cap currently $118bil, up from $83bil one yr ago.

Profit lead will get bigger.

via @BenFoldy

Let that sink in…

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