A crypto trader, Mister Crypto, has predicted that Bitcoin would see new lows if the current vice president, Kamala Harris, wins the November US elections. The trader posted a chart in an X post demonstrating the event. Bitcoin last approached the $16,000 mark during the 2022 market downturn.

Following the Terra collapse and FTX’s bankruptcy, Bitcoin fell to $16,463 in November 2022. Since then, it has surged over 360% and is currently trading at $59,365.

Since Trump has been outspoken on his stance on crypto, he has somewhat pushed Democrats to put the issue on the agenda as well. The development of Crypto4Harris, a grassroots network advocating for cryptocurrency, and recent events featuring key figures like Adam Schiff and Mark Cuban indicate a growing focus on crypto.

The Biden-Harris administration intensifies regulatory challenges for the crypto industry

The worry of a Bitcoin dump, if Kamala becomes the next US president is linked to her involvement in the current administration. The cryptocurrency sector saw one of its harshest regulatory environments under the Biden-Harris administration.

With ambiguous regulatory guidelines for crypto firms, the US Securities and Exchange Commission (SEC) arbitrarily imposed sanctions. Recently, the SEC issued a Wells notice to OpenSea, an NFT platform, for selling unregistered securities.

The digital asset community is particularly alarmed by the Biden administration’s apparent indifference to the sector’s concerns. The government has made minimal efforts to regulate the industry or address the issues the Gary Gensler-led SEC raised.

Harris commits to supporting cryptocurrency growth

Harris seems to have started recognizing the crypto community. Nelson, a senior campaign adviser for policy to the campaign, recently said that the vice president would support policies that ensure that emerging technologies and that sort of industry can continue to grow. He added that the team is also looking at implementing protections for the industry.

Despite this, many remain unconvinced that a Harris victory would benefit the crypto industry or result in favorable regulations.

Cardano founder Charles Hoskinson noted that these promises lack a clear implementation plan, a concern echoed by other experts.

Patrick Gruhn, former head of FTX Europe and founder of Perpetuals.com, suggested that under a Harris administration, the “regulation by enforcement” approach of the past four years might persist. Additionally, Gruhn pointed out that Harris’s recent tax proposals could lead to more stringent crypto-related regulations to effectively tax crypto holders—a move he believes would not benefit the U.S. crypto industry.

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