Bitcoin, Crypto Industry Gain Support With Trump Win in 2024: VanEck Exec

The upcoming 2024 presidential election in the United States could have a significant impact on the cryptocurrency industry, according to VanEck Head of Digital Assets Research Matthew Sigel. Sigel believes that if President Joe Biden were to be defeated by former President Donald Trump, there would be greater support for the crypto industry. Currently, the regulatory environment in the US is creating barriers for institutions trying to enter the crypto space. Sigel states that the Biden Administration does not want banks and brokers to touch digital assets, using persuasive tactics to achieve this goal. However, Sigel remains optimistic about the future of digital assets, particularly Bitcoin, which is currently at the beginning of its next bull run. VanEck was an early advocate for Bitcoin and pursued a Bitcoin ETF, but their efforts were denied by the Securities and Exchange Commission until recently. Sigel also mentioned that stricter rules and the lack of clear regulatory frameworks from US regulators deter financial institutions from dealing in cryptocurrency. However, he expects financial advisors’ views on digital assets to change as more firms reconsider adding Bitcoin to their investment offerings. Overall, Sigel believes that a change in presidency could bring more support and adoption for the cryptocurrency industry.