Crypto’s Outlook Under Biden-Harris Administration

The USA election night dragged on for days. The nerve-wracking election week was put to an end after Joe Biden beat Donald J. Trump. He is the current president-elect, and soon-to-be the 46th President of the USA.  Kamala Harris, a partner of Biden made history by becoming the first woman of color and South Asian to hold the position.  After winning Pennsylvania, Biden was declared President-elect by the Associated Press. He crossed 270 electoral college votes. Donald Trump is the 3rd president in the post world War 2 era to lose re-election. Let’s look into the positives of the Biden-Harris administration. 

A Huge Win For Biden-Harris

Biden managed to flip the battleground states such as Pennsylvania, Michigan, and Wisconsin. Trump won these states in 2016. Although Trump did win Ohio, and Florida, however, he was defeated in the overall electoral results. Moreover, Biden won by millions in the popular vote. This election saw a record number of votes. Moreover, the majority of these votes were mailed. 

Apart from the record number of votes cast, this election has a lot of firsts. It was the first election to use a blockchain-based application to cast votes. The Associated Press published the results of the blockchain application. Moreover, the election happened during the pandemic covid-19. By the time of the election, 230,000 died from covid. 

After winning the election, Harris, and Biden both embraced with a powerful address to the nation. They promised to fight the virus together. Moreover, bring significant reforms to ensure the best for the country. With that, all eyes are set on the new administration and its economic, and regulatory stance. Moreover, the crypto world is hopeful about the new administration. 

Crypto World Eyeing the New Biden-Harris Administration 

With a quick recap of the last four years, Trump’s administration was not very kind to cryptocurrencies. The regulatory framework of the USA on CBDC is lagging behind compared to other major economies worldwide. With the new president, the market analysts are quite optimistic. 

The fact that Joe Biden has made no comments on the crypto sector is a positive sign. After all, it’s better than disparaging the same. The majority of the crypto industry players are positive about Biden’s win. Moreover, some of them have mentioned Trump’s negative statements on crypto on social media platforms.

Also Read: Bitcoin Trade and Price Predictions Post US Presidential Elections

Many people within the Biden-Harris team are crypto-friendly, which brings hope for the industry. VP-elect Kamala Harris’ campaign team has Ryan Montoya. He is the former CTO of the Sacramento Kings, the most crypto-friendly and tech-savvy team in the NBA. 

Andrew Yang, from Biden’s campaign team, is a Bitcoin enthusiast as well. He proposed the implementation of a blockchain-based voting system when running for the presidential race. After dropping out of the race, he launched a non-profit in order to promote crypto-friendly ideas. Yang could very well be the one voicing strongly for the development of a standardized regulatory policy. 

As of yet, there are no red flags. Therefore, crypto enthusiasts are positive about the change in Power.