With just six days left until the US presidential election, former President Donald Trump has stepped up his support for bitcoin (btc) and the crypto industry in general.
In a recent statement to taxpayers, Trump proposed significant changes that could reshape the digital asset trading landscape in the United States, especially after years of increased scrutiny from regulators.
No capital gains taxes on bitcoin purchases
Trump's pledge to make the United States the “crypto capital of the world” includes a recent proposal to eliminate capital gains taxes on bitcoin transactions when used for purchases.
in a x.com/saylor/status/1851637960996766076″ target=”_blank” rel=”noopener nofollow”>social media post On x (formerly twitter), Michael Saylor, co-founder of MicroStrategy and well-known bitcoin advocate, cited Trump's latest statement on the matter:
They make them pay taxes on cryptocurrencies and I don't think that's right. #bitcoin is money, and do you have to pay capital gains tax if you use it to buy a coffee? I was talking to a friend; He said, “I really shouldn't pay taxes,” and I agree.
Trump's comments come as extends your advantage against Vice President Kamala Harris on Polymarket, a cryptocurrency prediction market where bettors give her a 66% chance of winning the election.
However, traditional surveys tell a different story, x.com/simonateba/status/1851665383696077079″ target=”_blank” rel=”noopener nofollow”>indicating that Harris has slight leads in crucial states like Michigan (48% to 43%) and Wisconsin (51% to 45%). According to a recent CNN poll, both candidates are tied in Pennsylvania at 48% each, underscoring the tight race as Election Day approaches.
Analyst warns that Harris' victory could affect btc prices
Trump's approach to cryptocurrencies has reaped considerable benefits support of the industry. His recent comments stand in stark contrast to the more cautious stance taken by Harris, who has offered less defined policy direction on digital assets.
Notably, Trump has launched his crypto company, Global financial freedom (WLF), and intends to fire SEC Chairman Gary Gensler on his first day in office.
The former president also proposed making bitcoin a strategic reserve asset to help reduce the national debt, which currently stands at $35 trillion, receiving bipartisan interestand Congressional legislators showed greater enthusiasm.
Florida CFO Jimmy Patronis has even proposed allocate some of the state's pension funds to cryptocurrencies, particularly bitcoin, inspired by Trump's recent plans for the United States with digital assets.
While Harris has taken a more cautious approach to cryptocurrencies than President Biden, some analysts predict that a Harris victory could lead to a drop in the price of bitcoin.
Michael Terpin, CEO of Transform Ventures, crypto/2024/10/30/bitcoin-teases-all-time-high-days-from-presidential-election/” target=”_blank” rel=”noopener nofollow”>believe that bitcoin price momentum will continue regardless of the election outcome, suggesting further recoveries and the possibility of hitting new all-time highs. Terpin noted:
There is simply too much momentum right now. We are at the point in the cycle where it normally goes up quite a bit. I just think that Trump winning would make him faster, faster and higher.
At the time of writing, bitcoin was trading at $71,930.
Featured image of DALL-E, chart from TradingView.com
