Harris's approval rating rises: potential impact on the crypto market after election

On the evening of August 14, the Democratic Party of the United States held an online town hall meeting aimed at garnering the support of about 40 million cryptocurrency holders. Although there were previous reports that Vice President Kamala Harris would personally attend, she ultimately did not show up, leading to dissatisfaction and questioning from the audience.

Nevertheless, the possibility of Harris becoming the next President of the United States is still on the rise. Data shows that before the event was scheduled, Harris's odds of winning were about 40%; after the event news was announced on August 8, her odds equaled Trump's for the first time; with the event held on the 14th, Harris's odds further rose to 53%, while Trump's were at 44%.

At the same time, the prices of cryptocurrencies related to Harris are also on the rise. As of the time of writing, the price of $KAMA has reached $0.0131, up nearly 47% from the low on August 4. In contrast, cryptocurrencies related to Trump have dropped more than 60% from their highs a month ago.

So, if Harris is elected, what impact will it have on the crypto market? How should Trump turn the situation around?

Harris's Attitude Towards Cryptocurrency

Harris has remained indifferent and conservative towards cryptocurrencies. As Vice President, she mainly focuses on traditional macro areas such as economic recovery and environmental issues. From her financial disclosures, Harris tends to invest in stable, traditional assets, keeping her distance from high-risk cryptocurrencies.

Despite having held public office in California and interacted with Silicon Valley tech giants, Harris has not translated this into public support for encryption. During her time as vice president, she has not participated in or promoted any significant crypto market-related policies, nor has she made any official statements in support or opposition.

Shift in Campaign Strategy

To win the election, Harris's campaign team recently recruited two advisors with a background in encryption. However, there are still doubts as to whether these superficial changes truly reflect a shift in her attitude.

Harris has repeatedly missed important events related to the crypto market, including the Bitcoin conference and a virtual roundtable organized by Democratic congressmen. These absences have raised widespread doubts in the encryption industry, leading people to question whether she truly values encryption.

Potential Policy Implications

If Harris wins the election, she may continue the Biden administration's strict regulatory and tax transparency measures. Although attitudes toward cryptocurrencies within the Democratic Party are changing, these changes may not be enough to bring about significant policy shifts.

Analysis indicates that Harris may continue Biden's hostile policies due to her choice of two officials in the Biden administration who oppose encryption to join her team. In contrast, Trump has proposed a plan to use Bitcoin as a strategic reserve and has even considered using Bitcoin to address the U.S. dollar debt issue.

Trump's crypto-friendly stance

Trump has consistently maintained a crypto-friendly stance, from launching the NFT series to attending Bitcoin conferences, his actions seem to be more "genuine" than Harris. The crypto market also shows a preference for Trump, with each political event related to him bringing a wave of rise to the cryptocurrency market.

Recently, Trump also had online communication with crypto leader Musk, further demonstrating his interest and open attitude towards the encryption field.

Conclusion

Harris's attitude towards cryptocurrency is still in exploration. Although she has recently taken some measures to try to get closer to the crypto community, her position remains unclear. Whether Harris's leadership can truly bring benefits to the crypto market needs time to verify. As the election campaign progresses, we will continue to pay attention to her movements in this area.