From a cryptocurrency standpoint, Cardano’s creator Charles Hoskinson believes that former US President and Republican contender Donald Trump is better positioned to capture the US presidential election due to his greater support for the US crypto sector compared to Vice President Kamala Harris.
Hoskinson Endorses Trump For His Crypto Industry Advocacy
During the recently held TOKEN2049 conference in Singapore, Hoskinson actively spoke in favor of the Trump administration. In a CNBC interview on Friday, September 20, he remarked, “Any presidential candidate who engages in crypto-related events or launches decentralized finance (DeFi) initiatives is likely to be more supportive of the industry than one who appointed SEC Chair Gary Gensler.”
This statement aligns with Trump’s commitment at a July Bitcoin Conference to promote positive crypto regulations and his vow to remove Gensler on his first day in office. Conversely, Hoskinson has been especially critical of the Biden-Harris administration, which he believes has adopted an antagonistic approach towards the crypto landscape.
He even suggested that voting for Kamala Harris could jeopardize the US cryptocurrency industry. This view is supported by the numerous enforcement actions taken by the SEC under Gensler’s leadership against significant crypto entities like Ripple, Binance, and Coinbase.
Since his appearance at the Bitcoin Conference, Trump has affirmed his support for the sector on multiple occasions, including the launch of a DeFi project called World Liberty Financial and using Bitcoin to buy cheeseburgers for his followers. When questioned if Trump’s backing for crypto is merely opportunistic, considering his family’s involvement in the field, Hoskinson conceded that all politicians, including the former president, display “some degree of opportunism.”
In a conversation with the Financial Times on Friday, September 20, Hoskinson also shared concerns about the Trump-endorsed venture, World Liberty Financial. The Cardano founder fears that this platform might become a point of political contention. “Trump is initiating a DeFi application, and that’s alarming for the sector,” Hoskinson expressed.
VanEck Analysts Prefer Harris Administration For Bitcoin
Despite Trump’s recent engagements with the crypto community and backing from notable cryptocurrency investors, Charles Hoskinson remains somewhat doubtful that either Trump or Kamala Harris, if elected, would significantly enhance the cryptocurrency landscape in the US. Still, he noted that Trump “is the favored (presidential candidate) from a cryptocurrency perspective.”
Interestingly, some analysts at VanEck believe that Kamala Harris could be a more favorable option for Bitcoin. They argue that her presidency might sustain existing economic policies, potentially undermining the US dollar and promoting further Bitcoin adoption.
“We believe a Kamala Harris presidency could be more advantageous for Bitcoin than a second term for Trump, as it would probably accelerate many of the foundational issues supporting Bitcoin adoption,” Matthew Sigel and Patrick Bush stated in a report published on Thursday. They added, “Given that inflation and currency devaluation continue to challenge fiat monetary frameworks, Bitcoin could act as a vital hedge.”
Featured image from WIRED, chart from TradingView
