Of course, this will be valid in the scenario where Donald Trump is elected. Still, Harris has not yet clarified her stance on crypto. If in August she scapegoats Biden and makes statements embracing the 
cryptocurrency markets under the influence of Trump’s ambitious promises, we could see an environment where cryptocurrencies rise with the November elections regardless of who wins.
2024 Bitcoin Act
Trump and Republican Senator Lummis announced very significant things for the cryptocurrency markets on Saturday. However, the details of the Bitcoin bill proposed by the Senator have just emerged. The draft shared under the title of the 2024 Bitcoin Act includes many important steps. We can summarize them as follows:
Key Points of the Bitcoin Act Draft:
- The Treasury Secretary will establish a decentralized network of secure Bitcoin storage facilities across the US.
- The Bitcoin reserve will be stored in vaults at different locations with high-level security sensitivity.
- The Treasury Secretary will accumulate up to 200,000 BTC per year over five years. A “Bitcoin Purchase Program” targeting a total of 1 million BTC will be created.
- The reserved Bitcoins will be held for at least 20 years.
- Bitcoins can only be sold for the purpose of paying federal debts.
- The amount of BTC sold in any two-year period will not exceed 10% of the total assets.
- From fiscal years 2025 to 2029, $6 billion from net earnings transferred to the Treasury by the Federal Reserve will be allocated for this purpose.
- Within six months of the law’s enactment, Federal Reserve Banks will deliver all their gold certificates to the Treasury Department. The Treasury Department will issue new gold certificates within 90 days.
Cryptocurrencies and the November Elections
This bill, supported by Trump, contains extremely crucial details. If Trump, who is currently leading in many polls, wins the elections, the markets will see a rapid rise in the BTC price due to the new massive demand. At the same time, the ongoing legal pressure on US-based crypto companies will be lifted. Trump stated that he would remove the current SEC Chairman from office on the very first day.
What’s even better is that Harris is also expected to take action in August to win over voters who are cryptocurrency investors. Thus, we could see an environment where the markets positively price both possibilities with the story that crypto will win no matter who wins (Trump will of course be priced even stronger).
