Whoever gets into the Whitehouse at the end of this year could have a significant impact upon the adoption of cryptocurrencies in the United States, if not elsewhere. But where do the Candidates stand on crypto? Let's look at the evidence so far:
Trump good news for crypto? ( image source: calvinayre.com)
According to thestreet.com: A recent report from Juniper Research predicts that the transaction volume for Bitcoin will more than triple in 2016, due in part to the prospect of a turmoil-inducing Trump presidency. The U.K.-based market intelligence and analysis firm believes transactions of the cryptocurrency will reach $92 billion in 2016, up from less than $27 billion in 2015.
The price of Bitcoin has climbed more than 50% already this year, opening Friday priced at $659.64, according to the Coindesk price index. The price of the Bitcoin Investment Trust (GBTC) , which tracks Bitcoin, has soared by nearly 150% to $118.25.
The presumptive Republican nominee has pledged to get tough on trade with China and Mexico, renegotiating agreements, imposing tariffs and taking other aggressive actions towards the country. He has also said he would clamp down on remittances in an effort to force Mexico to pay for his wall at the border. Such a maneuver could push those needing to transfer money away from companies like Western Union (WU) and Moneygram (MGI) and instead toward Bitcoin.
Clinton with may wish to control cryptocurrencies. (image: zerohedge.com)
Earlier this year Cointelegraph.com wrote Hilary Clinton won't be accepting bitcoin for her US$2.5 billion American election bid ... In contrast to her Republican rival Rand Paul, election hopeful Hillary Clinton will not be accepting bitcoin donations to her election war chest. With estimates to the cost of campaigning being placed as high as US$2.5 billion, accepting funds in any form may appear desirable, but for now the newly announced Clinton campaign has not opened their fund to digital currency donations.
It's hard to say what impact each candidate would potentially have, if any. This post is to essentially start a dialogue. What do you think? Do you have any evidence either way on the subject? Please comment below and share your opinions with the community.