Less than a month before the presidential elections in the United States take place, next Tuesday, November 5, both candidates (former US President Donald Trump and Kamala Harris) have made statements about the crypto industry and the future of Bitcoin. According to an update from Bitso, they seem to indicate that the cryptocurrency and blockchain space could benefit, along with the entire digital assets ecosystem, with the coming to power of any of the candidates.
Bitso pointed out in its extensive update that this is in addition to other key developments that have increasingly “legitimized” the Bitcoin (BTC) and crypto-assets industry in 2024, such as the approval of bitcoin and ether ETFs.
Bitso further noted that Democratic candidate Kamala Harris highlighted at the Economic Club Forum in Pittsburgh that blockchain tech and virtual currencies might have a significant positive impact on the “future of North America.”
While Republican Party candidate Donald Trump has spoken out in favor of Bitcoin as well as other cryptos on several occasions, it is not entirely clear just how these presidential candidates will move forward with crypto regulations and policies.
Felipe Vallejo, GM of Bitso Mexico —the crypto-driven financial services company in Latin America said that the introduction of pro-tech legislation that regulates the crypto market in the United States would be “extremely positive news” for the industry and could boost the growth of the sector and even legitimize it further.
Felipe added that historically, the US has led the market technological, however, in the case of cryptocurrencies, Europe and Latin America have been “faster and more proactive” regions in issuing regulations on cryptocurrencies, which contribute to confidence in digital assets and allow us to ask ourselves just exactly where the nascent industry could be headed.
As covered, in the United States, the organization Stand With Crypto revealed that 53% of the population wants to carry out operations with crypto firms based in their country; this organization promotes legislation to “promote innovation and job creation in the crypto industry.”
Focusing on the population that takes these issues into account, Kamala Harris has highlighted the importance of including cryptocurrencies as “part of her economic plan, as well as the importance of the United States positioning itself as a global leader in new technologies, among which she highlighted Artificial Intelligence (AI) and the use of blockchain.”
While Donald Trump, who once called bitcoin a scam, has promised to add the asset to the Federal Reserve; although he has not focused on regulating cryptocurrencies, the former president has mentioned that “America will be the crypto capital of the planet.”
The electorate following both candidates has carried out fundraising with crypto for their electoral campaigns, in addition to both Harris and Trump having met with “industry specialists to understand the importance of crypto for finance, as well as for the future. American and world.”
Globally, the blockchain market volume is estimated to “be $94 billion by 2027,” according to Statista.
The number of consumers adopting crypto continues to rise considerably.
According to the Crypto Panorama in Latin America report, Bitso has seen an “increase in the number of users” in the four nations where it has a presence, with an average “increase of 16% regionally, during the first half of 2024 and compared to the previous semester.”
The number of users reportedly increased 15% in Mexico (the firm’s biggest market), 18% in Brazil, 17% in Colombia and a significant 16% in Argentina.