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Looking back at the 2016 Trump-Clinton election, the cryptocurrency market did not experience significant movement. At the time, digital currencies like Bitcoin were still in their infancy, and their role in the global financial ecosystem was limited. However, by the 2020 election, the crypto market had grown significantly. Despite that, the Bitcoin price remained relatively stable throughout the Trump-Biden campaign.
For South African traders, Trump’s pro-crypto stance could lead to favourable conditions in the global market, sparking further interest in digital assets and opening doors to greater international crypto investments. However, reports indicate that figures in the cryptocurrency industry have approached Harris’s campaign to share their concerns and ideas, signalling potential openness to crypto-friendly policies. At a Democratic Party town hall event featuring the “Crypto4Harris” campaign, Democratic senator Chuck Schumer suggested that crypto legislation could be passed before the end of 2024, hinting at possible developments under a Harris administration.
“Because Harris does not have a principal position yet, her sentiment could change instantly. In my personal view, she will be under pressure to open up on her plans for the crypto market, which is also a great way for her to attract more votes,” said Yong Ang.Even though the direct influence of US elections on South Africa’s crypto market may seem distant, global developments have a tangible effect on local markets.
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