Nansen CEO Alex Svanevik predicts a Kamala Harris presidency would create a challenging landscape for U.S. crypto firms, likely pushing businesses to move abroad, while a Trump victory could boost domestic cryptocurrency growth.
Crypto Firms Face Tough Decisions Under Harris
In an interview with Cointelegraph at Token2049 on September 18th, Alex Svanevik—CEO of blockchain analytics platform Nansen—discussed the upcoming 2024 US presidential election.
Whether Donald Trump or Kamala Harris takes the oath of office, Svanevik outlined his predictions for the future of cryptocurrencies in the United States and around the world.
“I think if Trump wins, it seems pretty clear that that’s very bullish for crypto in the US […] in the sense that he is the most pro-crypto candidate. And on the flipside, I think if you look at the Democrats and Harris, […] it’s basically a relatively hostile environment for crypto.”
US Crypto Growth Stifled by Current Policies
Many see the policies of the current administration as detrimental to the growth and innovation of cryptocurrencies, and Svanevik projected that they will be maintained under a Harris presidency.
On the other hand, the CEO of Nansen elaborated on how the rise of Harris may benefit international trade by hurting crypto companies situated in the United States.
“If you just think two or three steps ahead, what might happen is that it’s bullish for crypto outside of the US because crypto firms will move from the US.”
Svanevik added that the CEOs and founders he met with told him that "they will move their business" in the event that Harris is elected.
Trump’s Support for Bitcoin Industry
Trump is widely considered as a staunch supporter of the bitcoin industry due to his history of launching cryptocurrency initiatives and pro-crypto attitudes.
According to Svanevik, the US crypto industry could see an uptick in crypto-related activity if Trump were to win the 2024 presidential election.
“It’s bullish for the US that Trump wins. It’s maybe short-term bearish for everyone if Harris wins. […] If you’re not an American, you support Harris because then you have more crypto business outside of the US.”
Trump has already said in 2019 that he is "not a fan of Bitcoin and other Cryptocurrencies," claiming in a post that these digital currencies are "based on thin air" and "not money."