Can Trump’s Tax Cuts and Bitcoin Pledge Secure His 2024 Election Victory?
Kamala Harris vs Donald Trump
Recently, the cryptocurrency market experienced a decline, but sentiment shifted as speculation grew about former President Donald Trump's chances of winning the upcoming U.S. election. Reports suggested that Vice-President Kamala Harris, if elected, might appoint U.S. SEC Chairman Gary Gensler as Treasury Secretary.
Crypto Market Rally
Following these reports, a bullish sentiment emerged, leading to significant price surges for major cryptocurrencies like Binance Coin (BNB), XRP, Toncoin (TON), and Tron (TRX). Investors speculated that if Harris made such an announcement, it could push them away from supporting her, favoring Trump instead.
Harris's Tax Proposal and Its Impact
Vice-President Harris proposed raising the corporate tax rate to 28%, reversing a key part of Trump's 2017 tax legislation, which had reduced the rate from 35% to 21%. This move could potentially harm businesses and shift voter sentiment toward Trump.
Trump's Potential Offer to Elon Musk
Reports suggested that Trump might offer Tesla CEO Elon Musk a position in his cabinet if elected. Trump praised Musk's leadership and Tesla's innovations, aligning himself with business leaders who could attract voter support.
Trump's Promises to the American People
Trump promised "gigantic tax cuts" during a recent conference, appealing to voters concerned about inflation. A post from Grayscale, an asset management firm, indicated that Trump pledged to "keep 100% of all the Bitcoin the U.S. government currently holds," further solidifying his appeal to the crypto community.
The Crypto Policy Landscape
While both candidates' crypto policy plans remained unclear, reports indicated Harris's potential advisor picks might signal a pro-crypto shift. The exact direction of future U.S. crypto policy remained uncertain, keeping the market on edge.
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