The Democrats’ Most Inevitable “Reset.”
A week ago, we didn’t know. Today we do. And the message is this: Buy crypto.
No two ways about it.
Last week, I sent you a dispatch detailing the crypto positions of the leading presidential candidates.
With Trump, it’s a largely pro-crypto outlook, in part because he’s bullish on creating a bitcoin reserve fund for America, and in part because his economic policies, as laid out, would mean lower interest rates and a weaker dollar, both of which would be a boon to crypto.
Biden has been clearly anti-crypto. Though, the Biden campaign’s stance on crypto was said to be changing before he stepped out of the race…
As for Kamala Harris… well, her stance was a mystery.
Until now.
A Financial Times story explains that the Harris campaign is seeking a “reset” with crypto companies.
Harris wants to repair the Democrats’ ties to the crypto industry—ties that have been severely strained in recent years by two specific people:
- Massachusetts Sen. Elizabeth Warren, who has taken an anti-crypto stance, saying she’s standing up for the little guy—when, in fact, she’s standing in the way of the little guy gaining access to financial opportunities that would lower his costs and provide him access to financial services he’s locked out of at the moment.
- Securities and Exchange Commission Chairman Gary Gensler, who has done everything possible to destroy the industry. He’s done so under the guise of protecting Americans from scams and whatnot, but he has used mid-20th-century financial regulations to impose his beliefs on 21st-century technology way beyond what lawmakers decades ago could have foreseen. And he has done so unfairly—and that’s according to numerous courts.
Harris is apparently looking to change direction…
Her team has reportedly reached out to Coinbase, one of the largest crypto exchanges in the world. They’ve also made entreaties with Circle, the company behind the stablecoin known as USDC (US Dollar Coin), one of the two largest stablecoins globally. And they’ve hit up Ripple Labs, one of the most important crypto projects focused on banking and global-payments systems—a crypto company Gary Gensler has been wrangling with (and losing against) for several years.
Democrats in Congress who recognize their party is on the wrong side of the crypto story, are now urging the Democratic National Committee to choose a pro-crypto vice-presidential candidate to join the ticket with Harris, and, if Harris wins, they want a pro-crypto chair to replace Gensler at the SEC.
On top of all that, Mark Cuban, the Shark Tank billionaire and well-known advocate for crypto, noted over the weekend that, “I’m getting multiple questions from [Harris’] camp about crypto. The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto, and government as a service.”
Cuban called it a “good sign” for the future of crypto, assuming Haris is elected.
I go a step further.
It’s a good sign for crypto, no matter who’s elected.
We now know that both candidates are pro-crypto.
And that pretty much is all I need to know.
Now, it’s “game on” for bitcoin, Ethereum, Solana, and a large number of cryptocurrencies focused on decentralized finance (DeFi), gaming, AI, and something called DePIN, or decentralized physical infrastructure (think: owning the cell towers and allowing Verizon or another mobile provider to access them in return for sharing in their revenue stream).
This is the moment you want to be a buyer.
Bitcoin is rebounding from a spring selloff. After touching an all-time high above $73,000 in March, it dove to less than $55,000 in mid-summer and is now flirting with $70,000 again. Solana, which had slumped to $127 back in July after topping $200 back in April, is now near $195.
I still see bitcoin racing past $200,000 in this bull market, possibly even higher, and I suspect Solana will see $500 per coin. Smaller crypto, like those in my Frontier Fortunes portfolio, will very likely see even meatier gains.
So, buy crypto.
Both presidential candidates are telling us that crypto has a bright future in the US. And if crypto has a bright future in the US, then by definition it has a bright future globally.
And that is going to manifest as the mother of all bull markets as crypto prices take off.
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