Kamala Harris Can't Cede Crypto to Trump, Could be Difference in Battleground States: Think Tank

U.S. Vice President Kamala Harris, the presumptive Democratic presidential nominee, cannot afford to cede crypto to Republican candidate Donald Trump because the support of crypto voters – not to mention their donations – could "make a difference in key battleground states," according to the Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank.

Last week, Trump wooed crypto supporters, speaking to a packed hall at the Bitcoin Nashville conference where he promised to create a strategic bitcoin reserve if elected. If the Democrats kept the White House, that would be a disaster for crypto, he said.

"Trump has, with characteristic opportunism, identified a segment of disgruntled voters and, perhaps more importantly, potential donors," Lewis McLellan, the editor of OMFIF’s Digital Monetary Institute, wrote in a Thursday website posting.

"Perhaps more importantly, acquiring 200,000 bitcoin a year over five years will give the US a not inconsiderable share of the eventual 21m total bitcoin. This reduction in free-floating supply is likely to drive the asset price up. This measure alone might be enough to attract campaign finance donations from those with significant bitcoin holdings."

Ahead of this month's Democratic National Convention, Harris has not stated an official position on crypto but is "signaling a new openness," and "her camp has had contact with crypto representatives in recent weeks," according to a Politico report. That report also indicated a crypto rift among Democrats highlighting "the policy tensions that are boiling beneath the surface of Democrats’ honeymoon with Harris."

The commentary, titled "Harris cannot afford to cede crypto to Trump," said: "There is little to be lost, and potentially much to be gained," and "Kamala Harris must lay out her own agenda for cryptoassets or she risks ceding the ground entirely to the Republicans."

"Few will abandon the Democrats because they show support for the growth of the crypto industry – particularly when the Republicans have already done so. But luring some of the votes and donations from crypto supporters and donors away from the Republican camp, could make a difference in key battleground states."

Read More: Crypto Exec Pushing for Industry Support of Kamala Harris for President