Harris vs Trump: Who will win 90M crypto owners’ votes in US elections?

The upcoming U.S. presidential elections are crucial for crypto traders and the industry.

There are nearly 90 million crypto owners in the States. Since many view crypto as an important source of income, their perspectives are often shaped by the opinions of those around them.

Crypto-addicted people generally hear Donald Trump’s name more than Kamala Harris’. This is likely due to Trump’s long-standing support for crypto since 2022. However, when Trump was elected president in 2016, he strongly criticized digital assets during his term, calling bitcoin a “scam” and suggesting it could weaken the dollar. However, Trump’s approach changed after he announced his 2024 presidential campaign.

President Joe Biden announced his “stand down as a candidate for the presidency” while Kamala Harris entered the race after Trump, which is why she is considered to be trailing behind him.

Crypto community: Supporters of Republicans?

The popular crypto executives and investors are backing Trump. Trump has garnered support from major figures in the crypto industry, including executives from major exchanges like Kraken and Gemini.

In June, Gemini founders Cameron and Tyler Winklevoss brothers committed $2 million in bitcoin to support Trump’s reelection, citing his “pro-crypto” stance.

In the same month, Kraken co-founder Jesse Powell announced a $1 million donation to Trump, calling him the “only major pro-crypto candidate.”

Cathie Wood, founder of ARK Invest and a bitcoin advocate, also voiced her support for Trump in June.

Tesla and SpaceX CEO Elon Musk, whose company has invested over $700 million in bitcoin, has shown his backing for Trump, even making appearances in his recent campaigns.

Other important figures in the crypto industry supporting Trump include Cardano‘s founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, Bitcoin Foundation founder Charlie Shrem, author and entrepreneur Robert Kiyosaki and Messari co-founder Ryan Selkis.

Several important venture capitalists and business leaders, including former PayPal president David Marcus, Sequoia Capital’s Douglas Leone, and Andreessen Horowitz co-founder Marc Andreessen, have also shown their support for Trump.

Supporters of Harris: Playing catch-up

Despite her later entry into the race, Harris has also gained support from several crypto executives.

Kamala Harris broke her silence on crypto policies on Sept. 23, expressing her support for the industry while emphasizing the importance of consumer protections.

Ripple CEO Chris Larsen was one of the notable figures in the crypto community to publicly back Harris, announcing his support in early September.

Cleve Mesidor, executive director of the Blockchain Foundation, also expressed his support for Harris by launching a $100,000 fundraising campaign for her in September.

Laura Shin, founder of the Unchained podcast, voiced her support for Harris in an October piece for Time, urging the Democratic candidate not only to “embrace crypto” but also to “help it thrive.”

Billionaire venture capitalist and active crypto investor Mark Cuban emerged as one of Harris’ strongest advocates, arguing that a second Trump term would be “worse than the first.” While Cuban didn’t make a financial contribution, he remains a vocal supporter of Harris.

Those remaining neutral

Some crypto executives have chosen not to support either candidate, arguing that the industry’s growth is inevitable regardless of who wins the election.

In October, investor Tim Draper revealed that he donated to both Harris and Trump’s campaigns, expressing confidence that “both candidates have their hearts in the right place.”

In August, Coinbase CEO Brian Armstrong shared his view that the incoming U.S. administration would be “constructive” on crypto matters, no matter which candidate wins.

Supporting this sensibility, a poll posted on Oct. 27 by MicroStrategy founder Michael Saylor showed that 90% of the 100,000 participants chose Trump for bitcoin, aligning somewhat with the stance of former Federal Reserve Chairman Alan Greenspan regarding the election.

Lastly, Tier 1 crypto exchange Binance ex-CEO Changpeng Zhao (CZ) stated optimism for 2025 and discussed the potential impact of the upcoming U.S. elections on the crypto industry on the second day of Binance Blockchain Week Dubai 2024.

However, when asked which candidate between Trump and Kamala Harris would be better for the industry, CZ avoided the question, stating, “I’ve had enough trouble with the government,” and preferred to stay away from controversies. Regarding regulations, he stated that “the classification of crypto is the most important agenda item”.

Both candidates have the support of powerful public figures, including billionaires like Mark Cuban and Elon Musk. Trump has given his full support to the crypto community despite initial reservations, and Harris, who joined the race later, also has a strong following.

However, Trump, having run his campaign since 2022, has demonstrated his support for crypto users from the start, which could give him an advantage over Harris, who has had less time to engage with and reach out to the crypto community.

In conclusion, we hope the 2024 election yields favorable outcomes for the crypto community, industry, key leaders and users alike.