Sigel Disputes Anti-Crypto Democrat Narrative, Sees Bitcoin as Bipartisan

Asset manager VanEck's Head of Digital Assets Research, Matthew Sigel, believes that Bitcoin would be fine under Democratic leadership. Contrary to the common perception that Democrats are anti-crypto, Sigel stated that President Joe Biden wasn't necessarily against Bitcoin, but rather other cryptos might have a problem.

According to Sigel, it's not that Democrats are inherently anti-Bitcoin, but rather the 'ascendant socialist wing of the Democrat Party' may be more skeptical of cryptocurrencies. This perspective is shared by Coinbase's Chief Policy Officer, Faryar Shirzad, who said in July that crypto was 'maybe the most bipartisan issue in Washington.'

The price of Bitcoin has surged recently, with a nearly 24% increase over the past seven days, reaching as high as $81,160 before dropping to its current price of $78,438. This rise is attributed to President Trump's efforts to advance pro-crypto legislation, including the long-awaited Clarity Act.

However, the passage of this act has been delayed due to opposition from some Democrats, with younger members showing a more favorable attitude towards it. Sigel's comments highlight the complexities and nuances within the crypto community and its relationship with political parties.