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Bernstein Says Kamala Harris’ Move To Crypto Is Unlikely To Convince Voters
vice president by Kamala Harris The latest shift to align with the cryptocurrency industry is unlikely to sway the crucial voter base in the upcoming US presidential election, Benzinga says reported July 30, citing Bernstein analysts.
Reactive approach
In an effort to repair relations with the cryptocurrency industry, Harris has been actively reaching out to major companies in the industry. The move comes at a time of significant change in the political landscape, where digital assets are gaining bipartisan support.
However, Bernstein analysts are skeptical about the potential impact of Harris’ outreach. They argue that these efforts may not be enough to rival the former President’s substantial support. Donald Trump is the president of the United States. has already secured itself within the cryptocurrency community.
According to Bernstein:
“Harris’ attempts to collaborate with cryptocurrency firms are noteworthy… [but] may not be sufficient to change current industry trends.”
His recent efforts are seen as more reactive than proactive, lacking the timely and meaningful policy changes needed to win over the industry.
The report highlighted that the Democratic Party’s normative position has alienated many in the cryptocurrency sector, who now see the Trump administration as more favorable due to its clear pro-cryptocurrency policies.
Trump’s Vocal Support
Trump has gained significant support from the cryptocurrency industry through a combination of pro-innovation rhetoric, deregulatory policies, and direct engagement with key industry figures.
His administration’s general support for free-market principles and lower corporate taxes was in keeping with the decentralized nature of cryptocurrencies.
Trump’s outreach to cryptocurrency companies and large donations from crypto-focused political action committees have further cemented his position as a pro-cryptocurrency candidate, in stark contrast to the perceived restrictive regulatory approach of the Democratic Party.
This multifaceted strategy has allowed Trump to build a strong base of support within the cryptocurrency community and helped him raise $25 million in funding during the Nashville crisis. Bitcoin 2024 conference last week, where he was the keynote speaker.
Bitcoin Magazine CEO David Bailey noticed that the amount represents the second-largest fundraiser his campaign has ever conducted. He also criticized the senator Elizabeth Warren for “convincing Democrats” to take an anti-crypto stance, which he says effectively ended their chances of winning the election.
Financial weight
Bernstein’s analysis is in line with the rise of crypto-focused political action committees like Fairshake. The committee has raised over $200 million to support pro-crypto candidates since its inception, becoming the largest Super PAC in the 2024 election cycle.
The sector’s financial influence is increasingly attracting the attention of politicians across the political spectrum.
Lee Reiners, a professor at the Duke Financial Economics Center, told the news agency:
“The financial clout of the cryptocurrency industry is one reason for its growing influence in Congress. Politicians respond to incentives, and securing financial support from this industry is critical.”
Despite these developments, Bernstein remains cautious about Harris’s strategy and believes that while her campaign’s overtures to the cryptocurrency sector are a positive step, they may prove insufficient in the absence of more concrete policy changes and actions that address past grievances.
The sentiment is shared by others, with the founder of Gemini Mr. Winklevoss expressing similar skepticism on Harris’s pivot. He said the administration must do more than talk to change public perception.