Kamala Harris goes all in on Bitcoin and Crypto in election campaign?

Since Joe Biden announced his withdrawal from the presidential election last Sunday, it looks as though the Democrats will be sending Vice President Kamala Harris into the race. There was immediate hope that the incumbent president's party would use the opportunity to also focus on Bitcoin and cryptocurrencies in its election campaign in order to avoid being outflanked by Republican Donald Trump on this issue.

A few days after Biden's resignation, there are already the first signs that a pro-Bitcoin election campaign by the Democrats could be expected. Harris' team is said to have directly approached personalities from the crypto industry and the 59-year-old could even come to the Bitcoin conference this week.

When Joe Biden was still being touted as a top candidate, the first rumors were already circulating that the US president, who is rather hostile towards Bitcoin and crypto, felt compelled to be more open to the sector. His team was reported to have met with influential figures from the crypto sector in the background to seek advice - Blocktrainer.de reported.

A short time later, people familiar with the matter told The Block that Biden's campaign team was also in talks to do the same as Donald Trump and also accept donations via Bitcoin and Co. During the 2020 election campaign, however, Biden emphasized that he did not have any Bitcoin and did not want to be sent any.

Even though Biden's senior advisor took part in a round of talks with representatives from the crypto industry at the beginning of the month, pro-Bitcoin statements and the possibility of sending him money via digital assets had to wait until his withdrawal. At the end of May, the President even blocked the resolution that would have led to more Bitcoin-friendly banking regulation, earning him a great deal of criticism - even from within his own ranks.

With the current Vice President Kamala Harris, who is taking Joe Biden's place in the election campaign but still has to be confirmed as the official Democratic candidate in August, a realignment with regard to Bitcoin and cryptocurrencies could now begin.

Yesterday evening, the first report emerged that advisors close to Kamala Harris are currently increasingly approaching the crypto industry with questions. Bitcoin-friendly and influential investor Mark Cuban, who also took part in the aforementioned roundtable earlier this month, told crypto medium Decrypt that he was being questioned by her team about cryptocurrencies.

I get a lot of questions from their camp about crypto. I take that as a good sign.
_{Mark Cuban told Dec}rypt

Cuban added that he didn't know of anyone else who had received similar inquiries regarding Bitcoin and crypto.

Signs that Kamala Harris might be more open to the Bitcoin and crypto sector as a Democratic presidential candidate than Joe Biden increased when it was suddenly rumored that she might come to this week's Bitcoin conference. David Bailey, the CEO of BTC Inc, the company behind the Bitcoin Conference in Nashville, shared on 𝕏 that they are currently in talks with Kamala Harris' campaign team about a potential vice presidential appearance at the largest Bitcoin conference.

It is not yet clear whether Harris will be present.

If she does come, she would be the third presidential candidate to speak at the Bitcoin conference alongside Donald Trump and Robert Kennedy Jr. Rumor has it that the most likely incoming US president according to the betting markets, Trump, will announce at the conference that he plans to introduce Bitcoin as a reserve asset for the US.

As Trump has been speaking out in favor of Bitcoin and cryptocurrencies since the beginning of May, it is likely to be difficult for Harris to win over holders of digital assets. Donald Trump - like Kennedy - has already promised to release Ross Ulbricht on the first day of his inauguration, which met with great approval in the Bitcoin community - Blocktrainer.de reported. Ulbricht is the founder of a darknet marketplace called Silk Road, where Bitcoin was already used as money in 2011.

According to Bailey, Harris as Vice President could already show that she is serious and pardon the 40-year-old - even before she addresses the Bitcoin community.

Other reactions to the news that Kamala Harris may come to the Bitcoin conference were along the lines that Trump must now position himself even more clearly in favor of Bitcoin in order to distinguish himself. For example, the esteemed Bitcoin analyst Dylan LeClair, who also agreed with Bailey's post on Harris and Ross Ulbricht, wrote something like this in relation to the latest developments.

The latest developments surrounding Bitcoin are extremely exciting. Not only do nations seem to want to stock up on the asset faster than others, but politicians also feel compelled to speak out in favor of the asset class in their election campaigns. The game theory behind Bitcoin seems to be unfolding at full speed - probably even faster than some Bitcoiners ever expected.

It remains to be seen whether the Democrats will be able to win back the supporters of Bitcoin and Co. by adopting a more open stance. This change of direction could seem too opportunistic as it comes so late. Although Trump was also a Bitcoin critic a few years ago, he abandoned his critical stance without acting out of necessity. This may have come across as more authentic to most people, even if it was probably also driven by opportunism.

It will be interesting to see whether the Democrats in the presidential election campaign actually take a more friendly stance towards Bitcoin, whether Harris comes to the conference and who ultimately wins the election in November. In any case, the fact that Bitcoin is increasingly taking center stage is a positive development for the asset, which is only 15 years old.