Proponents of the “Crypto for Harris” may find the political terrain a rough patch to navigate as some sectors have labeled the US election campaign as a fraud.
According to detractors of US Vice President Kamala Harris, the group lobbying for her and attaching the word “crypto” as a battlecry of sorts think it is aimed at swaying digital currency voters in the US presidential showdown this year.
The campaign coincides with the Democratic party advocating a “reset” on Vice President Kamala Harris’ crypto posture.
Cryptocurrency advocates, such as Balaji Srinivasan, who formerly served as the Chief Technology Officer of Coinbase, have lamented the campaign’s lack of substance.
A ‘Dem Scam’?
Srinivasan didn’t mince words against Harris, claiming the Democratic Party were wrong to try to win over the crypto industry without changing their policies. He called their effort a “DEM SCAM” and said that their focus on crypto votes showed they didn’t care about politics.
Srinivasan added that if the current administration under the BIden government wanted to help the crypto sector, they should fire SEC Chair Gary Gensler to stop the agency’s “show trials.”
The difference between “crypto for Trump” and “crypto for Harris” is that Trump approached crypto, he didn’t make us come to him and beg https://t.co/9BkLQBeLCQ
— Preston Byrne (@prestonjbyrne) August 7, 2024
Crypto legal counsel Preston Byrne noted the political personalities’ different views on crypto. According to Byrne, Trump is, in some ways, involved in the industry, whereas Harris seems totally disconnected.
Trump, who called bitcoin a “scam” in the past, is now showing himself as the candidate that embraces cryptocurrencies.
Furthermore, he has said that should he be elected, his government would retain all the bitcoin the US government already owns or acquires going forward.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
US Election: The Unlikely Alliance
Harris may be threatened in the 2024 contest by the combination between Trump and billionaire Elon Musk, who lately supported him for president. Although Musk’s financial support for Trump’s campaign is still unknown, the two have become unusual allies for the far-right, which includes a sizable number of crypto supporters.
Many see the ‘Crypto for Harris’ US election campaign as a frantic effort to rebuild the confidence of crypto voters disappointed by the Democratic party’s alleged lack of support for the sector. Critics contend that this is too little, too late even if the White House just had a roundtable with crypto CEOs.
The Threat From Trump And Musk
Trump’s embrace of the medium and his promise to uphold government-owned bitcoin might be pretty tempting for crypto aficionados. Musk’s backing of Trump and his prospective financial assistance might open even more the chances of victory for the former president over the crypto community.
Source: Polymarket
Meanwhile, as the 2024 US election gets closer, the Harris campaign’s recent engagement in crypto matters has raised her chances for a possible triumph in November on the crypto prediction market Polymarket to 49%. This puts her head-to-head with Trump in front.
Featured image from The Texas Tribune, chart from TradingView
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