Zinger Key Points
- Cardone doubts Harris' intentions toward crypto, and hopes for Trump to back the U.S. dollar with Bitcoin.
- Economist Justin Wolfers scrutinized Trump's recent claims about using "a little crypto check" to pay debt: "It's not how crypto works."
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Vice President Kamala Harris‘ recent outreach to the cryptocurrency community has sparked widespread debate among industry experts and analysts. Grant Cardone, a speaker at Benzinga’s Future of Digital Assets event, for example, remains skeptical about Harris’ recent actions.
The Cardone Capital CEO dismissed them as political maneuvering.
“Harris has had no shift toward the crypto industry,” Cardone stated. Such tactics, he says, are part of a broader strategy used to secure votes without delivering on their promises.
Harris reportedly tapped David Plouffe to be part of her 2024 presidential campaign. Plouffe, a former senior adviser to President Obama, was once part of Binance's Global Advisory Board and an adviser to Alchemy Pay.
Whether Plouffe advises her campaign on crafting a cryptocurrency and blockchain policy remains to be seen.
Also, U.S. Congressman Ro Khanna (D-CA) is organizing another Bitcoin BTC/USD and blockchain roundtable in Washington D.C. Members of Harris’ campaign and leaders in the cryptocurrency sector are expected to attend.
A similar event was planned in early July prior to Biden’s exit from the race.
Former President Donald Trump isn’t without his crypto critics, either.
“Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion,” Trump said in a recent interview with Fox Business.
In response, renowned economist Justin Wolfers, a professor at the Ford School of Public Policy at the University of Michigan, clapped back: “That’s not how debt works; it’s not how crypto works; and it’s not how economics works,” in what was an outright disapproval of the Republican presidential nominee’s radical plan.
Cardone, however, argues that it’s Harris who doesn’t understand crypto.
“If she is elected, forget crypto,” he remarked, praising Trump who — according to Cardone — “knows the USD is vulnerable to overprinting and will adopt the concept of being the first to use crypto to back the dollar.”
Crypto experts have slammed that idea, citing Bitcoin’s volatility. The price of Bitcoin dropped more than 13% on Monday to $50,963.57. Before that, it fell to $49,111.10 — its lowest level and the first time under $50,000 since February.
Also, the national debt had climbed to $22 trillion by 2019 under the Trump administration, with some $8 trillion added during his four years in office.
Potential Policy Changes Under Harris
When asked about the practical aspects of Harris’ crypto policy, Cardone pointed out her consideration of an anti-crypto running mate.
“She is publicly considering anti-crypto Michigan Senator Gary Peters as her running mate for 2024. Peters has been publicly against crypto and even supported legislation against it,” Cardone says. That could signal a potential continuation of stringent policies against cryptocurrency.
It’s worth noting that Peters is not considered among Harris’ top VP candidates.
Want To Learn More?
Cardone’s insights highlight the ongoing debate about the future of cryptocurrency regulation in the U.S. His comments will be part of broader discussions at Benzinga’s Future of Digital Assets event on November 19 in New York City. This event will gather digital asset companies and institutional investors for a day of intensive networking and discussions on the future of digital finance.
Photo by Avi Rozen on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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