Amid the U.S. election frenzy, Australians will feel the difference in Donald Trump’s and Kamala Harris’s crypto policies more because of their increasing investment in digital assets. Since millions of Australians directly engage in crypto investing, this election may directly affect the result of their decisions.
Donald Trump, who once dismissed Bitcoin as a scam, has significantly changed his position and now supports the crypto market. His shift in stance is attributed to two key factors: Crypto firms’ funding in this election cycle and the association of digital assets with Democratic voters. This new position indicates that Trump may preside over a more favorable climate for cryptocurrency and related products like Bitcoin, which could cause their value to skyrocket.
Also Read: Donald Trump Discusses Crypto Policies and Debt Reduction Strategies
Kamala Harris Takes a Balanced Approach to Crypto and Innovation
In contrast, Kamala Harris has taken a more cautious yet supportive approach to crypto regulation. She has distanced herself from the current administration’s strict stance, particularly from SEC Chairman Gary Gensler’s stringent regulatory measures. Harris has had the policy position of promoting innovation in cryptocurrency and artificial intelligence, all while having sufficient guardrails for consumers and investors. This cautious way suggests that Harris may not push the button to excite markets but may make policies towards the sector more stable in the long run, safe, and regulated.
From an investment standpoint, this U.S. election matters for Australian crypto investors. According to estimates from local exchanges, approximately four million Australians are also investing in crypto, and crypto infrastructure has continuously developed. Australia now has over 1200 Bitcoin ATMs dotted across the country. Analysts suggest a Trump victory could result in a rally for digital assets, offering potential gains for Australian investors. However, Australia still lags behind other countries like Hong Kong, Singapore, and Japan, which have already implemented clear, crypto-friendly regulations to foster innovation and attract investment.
The result of the U.S. election will likely influence global crypto markets. Australian investors may find their portfolios directly affected by the regulatory direction of the following U.S. administration, with both candidates offering contrasting visions for the future of digital assets.
Also Read: Donald Trump Rekindles Dream of Turning the U.S into A Crypto Hub
