Democrats Not Necessarily Anti-Crypto: VanEck's Sigel
VanEck's Head of Digital Assets Research, Matthew Sigel, has countered Republican claims that Democrats are anti-crypto by stating that Bitcoin would be fine under a Democratic administration.
Sigel made these comments on CNBC, citing the performance of the leading digital asset under both President Donald Trump and former President Joe Biden. According to him, 'Biden was actually okay for Bitcoin,' but it's other cryptocurrencies that might face difficulties if Democrats regain power.
He noted that some members of the Democratic Party have a more socialist leaning, which could lead to issues for certain digital assets. Sigel observed that younger Democrats who understand the technology are in favor of creating a clear regulatory framework, such as the proposed Clarity Act. However, this legislation has faced delays due to opposition from some lawmakers.
The price of Bitcoin surged after President Trump's 2024 victory and reached a new record last year. Despite some recent sluggishness, it began rising again last week after the president urged lawmakers to pass the Clarity Act. The digital asset jumped nearly 24% over the past seven days, reaching as high as $81,160 before dropping to its current price of $78,438.