VanEck Says Bitcoin Would Perform Well Under Democrats

According to Bitcoin Magazine, VanEck Head of Digital Assets Research Matthew Sigel stated that Bitcoin does not require a Republican president to perform well. Speaking on CNBC, Sigel remarked that former President Joe Biden was "actually okay for Bitcoin," while suggesting that other cryptocurrencies might face challenges if Democrats return to power. Sigel pointed out that members of the Democratic Party's socialist wing in New York City recognize the value of a decentralized and scarce asset.

While President Donald Trump has pursued pro-crypto policies, including a Bitcoin Strategic Reserve, Bitcoin's recent market movements included a rise after Trump urged lawmakers to pass the Clarity Act. The legislation aims to establish a legal framework for digital assets. However, a vote on the bill was delayed to September after Democrats balked at the latest draft, with some Republican senators accusing Democrats of deliberately holding it back. Coinbase Chief Policy Officer Faryar Shirzad noted that opposition to the Clarity Act is generational among Democrats, while younger members support the technology.