Topic: If Kamala Harris wins, Bitcoin will be fine. - page 9. (Read 2149 times)

I have some divided feelings about Gensler. On one hand his focus is clearly on scams and dubious services, mainly ICOs and services which are close to ponzis, and the "CeDeFi" sector (services marketing themselves as "DeFi" but are centrally coordinated) and of course on the correct operation of crypto exchange. And I think it's good that there's finally a focus on investor/customer protection in this field, so at least in the US a new FTX becomes less and less likely. So in this point I fully agree with you.

On the other hand there were some actions I think that should be criticized. Like the recent action against OpenSea. While NFTs indeed are also used for very dubious speculative purposes, the SEC is imo not entitled to intervene here as NFTs simply cannot be securities. I don't know exactly how the US regulates the ecommerce sector, but in my country it would be customer protection who has to become active in cases where NFT buyers are scammed, not the securities authority.

I think thus in general the SEC's influence on the crypto sector is probably more positive than many think, as you correctly posted, but they could be still better and clearer.

But I believe the narrative that the SEC and Gensler are "harming crypto" is coming mostly from the parts of the industry who refuse to adapt to the stricter customer protection standards.

I think at least with 50 million Americans holding crypto a real "anti-crypto" policy is highly unlikely. Many have cited Elizabeth Warren's crypto law project, and the fact that Warren is still quite influential in the Democratic Party. While not even that law would affect Bitcoin really too much - however miners could be driven out of the US - I could understand some fears if Warren or other people supporting that law (Graham, Manchin etc. ...) were the presidential candidate or VP candidates.

It's very certain that Bitcoin has a very strong force and even during the tenure of trump it was doing very well in it's crypto space,and the rule of Biden too came up tho trying to alter it's existence but Bitcoin has still survived it and I presume with or without  Kamala Harris wins Bitcoin will still be fine.

Many people don't realize that Gary Gensler isn't a bad guy.
Gensler didn't delve into unscrupulous prosecution of crypto just based on stereotypes like it being "notorious markets" supposedly. Believe it or not, this type of stereotype was something that was hurting bitcoin for the longest time.

The notorious markets narrative was pushing bitcoin to the sidelines for so long. Lack of market access and regulation kept BTC and crypto away from the mainstream.
But even at the hint that there might be regulatory clarity many investors started putting great efforts to create market access and one thing lead to the other. More users, more market access demand, more investment and so on.

The one thing I would criticize Gensler for is not stepping in early enough to stop shit like FTX and Celsius. I'm not afraid to say it but I think Gensler is the good guy out of the equation. Even if Trump wins, I hope he keeps him in his position. Gensler pushed large capital firms to create ETFs with conditions favorable to the user and Gensler also created a framework so security scams sold as cryptos can't hurt people in his country so easily, all while allowing exchanges to operate, but with strict standards and making sure they abide by regulations (at least after the FTX fiasco).

So Biden isn't really an anti-crypto president. And with the influence crypto has now, I think Kamala might have a similar stance also. It's funny hearing Trump call her a communist. She might be a bit backwards on some topics, but many leftists would wish she was actually a communist. In fact she's a staunch neoliberal capitalist. Having some social tendencies doesn't mean she's against big company capitalism just like Trump would be.

I refuse to believe that the success of Bitcoin starts with the success of one individual or one event this is why I'm not really concerned about the result of the United States election because I know that with whichever candidate that wins Bitcoin will still do just fine. The people who are worrying about how bitcoin will do under any of the candidates have nothing else to worry about because there are more important things like trying to get more bitcoins before bitcoin gets a new high value.

Who says bitcoin won't be fine if Kamala Harris won? Just because Kamala is not highly verbal about bitcoin and the crypto space does not mean that she isn't supporting bitcoin in silent. We still don't know her future plans for bitcoin if ever she won, and even if she won't prioritize bitcoin same like Biden, that won't change the fact that bitcoin is already good for majority of its users and investors.

I think we are just speculating too much. Bitcoin is never a single country commodity but a worldwide currency and investment tool. Even Harris or Trump won't change that fact.

Bitcoin will do just fine irrespective of who ever wins the election; even if Kamala wins and has ill intentions against Bitcoin, the worst-case scenario will be that she will limit US citizens from making use of Bitcoin and place some kind of unfriendly policy on big firms that hold large amounts of Bitcoin. 
 
There is no doubt that the Bitcoin price can be influenced by the US government, but there is a limit to what they can do; they can't total crash the price to nothing. If Kamala wins the elections and decides to make some negative moves against bitcoin, bitcoin will only suffer for a while, and after a while the influence will die off and the community will just get over it.

Trump only takes advantage of people who are into crypto so that's why he's taken a pro-cryptp stance as you have said. Even if trump didn't do it then bitcoin would still be fine just as the same as if Kamala Harris bitcoin would also be fine. As Churchillvv explained that it is not a us coin or crypto but global crypto where anyone can use if they want even those countries where crypto is banned. We all know rhat there are still people who still use crypto even if their government bans the use of crypto.

IIRC, Biden during his very first week discussed crypto and said that he would go into it but then nothing happened to fruition. And so if Harris wins, I'd expect the same thing. With or without her stance about Bitcoin or crypto, she'd focus more into other concerns that needs to be addressed with her governance.

I don't take it seriously, whoever wins, there's a possibility that Bitcoin will go up or down. However, due to volatility, I think that it is going to be the main reason why it could be as low as that projection but nothing in relation to Harris winning the election. And at this point, I'm not expecting to see it go back to $30k, we're in a bull run and once this election ends I'm expecting that money would flow back to the market. Just expect that this election will have some agendas and black propaganda to dismay each other's turfs and supporters.

When I read things like this I feel so happy that some people are every enlightened about bitcoin towards the US election. The fact that lots of people's opinion of bitcoin is basically hanging around the US election has always pissed me off because they seem to see bitcoin only limited to the US, forgetting the obvious fact that bitcoin is global currency and not a national currency even though bitcoin might be affected with the election it will only be a temporary price change.

@OP I can't love this post less because it has all my idea and opinion of the election and bitcoin expressed.

Bitcoin is not a US coin it's a global currency, the US election has nothing to decide for bitcoin, stop limiting bitcoin to US only with the so called election predictions.

Some folks are really obsessed with the US election. I can understand it partly because Trump, as the first candidate ever in US election history (afaik) has taken a very pro-crypto stance.

But that doesn't mean that Bitcoin will not be fine if Kamala Harris wins. Even if she didn't reveal her stance on crypto/Bitcoin (yet) and is likely to continue the Biden approach which is more skeptical to "crypto", above all altcoins.

For those reasons:

1) Even in Biden's "anti-crypto" tenure Bitcoin has done well. Not only did the price rise, but ETFs were approved, even for Ethereum.

2) The US are already a leading Bitcoin/crypto country. They don't need Trump for that. In the mining sector, they are "the" single leading country. There are also several exchanges in the country. At least ~50 million American people hold crypto according to estimations.

3) Altcoins are far more affected by the SEC policy than Bitcoin. The SEC's actions under Gensler were mostly directed to altcoin exchanges, the "staking" business (which is not even really PoS-style staking but often a ponzi-like construction of some exchanges) and DeFi projects which are not really decentralized, like Uniswap.

4) The US are only 4% of the world population. Bitcoin is a global currency. In addition, as shown above, in the US population crypto has already a high adoption (almost 20% of the population having already bought or held crypto). The potential for future price growths lies mainly outside the US where adoption is often still much lower, even in rich countries in Europe for example.

These "projections" that Bitcoin will fall to 30.000 or so if Harris wins are, in my opinion, completely baseless and overestimating the US influence on Bitcoin.

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