VanEck predicts Bitcoin growth under both Harris and Trump in 2024

Asset management firm VanEck believes that Bitcoin (CRYPTO:BTC) will thrive regardless of the outcome of the 2024 US Presidential election.

According to a recent report from VanEck, both Kamala Harris and Donald Trump offer positive prospects for Bitcoin, with fiscal policies from either candidate likely to boost its appeal.

VanEck anticipates increased fiscal spending and potential quantitative easing, both of which may drive further Bitcoin adoption.

Matthew Sigel, VanEck’s Head of Digital Assets Research, suggested that a Harris presidency could accelerate Bitcoin’s growth.

"A Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would accelerate many of the structural issues that drive Bitcoin adoption," Sigel stated.

However, the report also warned that if Harris retains figures like Gary Gensler or aligns with stricter crypto advocates such as Elizabeth Warren, tighter regulations could emerge.

On the other hand, a Trump presidency is expected to favor deregulation and pro-business policies, which many in the crypto industry view as beneficial for the sector.

VanEck noted that Trump’s stance on cryptocurrency could ease the regulatory burden, providing a more favorable environment for digital assets.

Additionally, VanEck highlighted the growing institutional interest in Bitcoin.

Bitcoin trading volumes surged 173% year-over-year, with a notable increase in US dollar-based transfers.

This surge is attributed to the success of US Bitcoin spot ETFs, which have attracted approximately $18 billion in inflows since January.

VanEck also pointed to the rising involvement of governments in Bitcoin mining, particularly in countries like Kenya, Ethiopia, and Argentina.

At the time of reporting, the Bitcoin (BTC) price was $62,941.80.