U.S. Vice President Kamala Harris cannot afford to cede crypto to Republican candidate Donald Trump because the support of crypto voters - not to mention their donations - could make a difference in key battleground states, according to the Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank.
Last week, Trump wooed crypto supporters, speaking to a packed hall at the Bitcoin Nashville conference where he promised to create a strategic bitcoin reserve if elected. If the Democrats kept the White House, that would be a disaster for crypto, he said.
Perhaps more importantly, acquiring 200,000 bitcoin a year over five years will give the US a not inconsiderable share of the eventual 21m total bitcoin. This reduction in free-floating supply is likely to drive the asset price up. This measure alone might be enough to attract campaign finance donations from those with significant bitcoin holdings.
Ahead of this month's Democratic National Convention, Harris has not stated an official position on crypto but is signaling a new openness, and her campaign has had contact with crypto representatives in recent weeks, according to a Politico report.
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