According to Bitwise CIO Matt Hougan, Kamala Harris’ mention of crypto regulation for Black men shows just how eager investors are to jump in if they see any hint of regulatory clarity.
Her statement, while thin on details, managed to ignite investor excitement and move billions of dollars in crypto assets.
Crypto markets reacted sharply to Harris’ comment. Bitcoin spiked by more than 5%, Ethereum jumped 7%, and altcoins followed the trend. This was the biggest one-day market rally in nearly two months.
On top of that, investors poured $555 million into Bitcoin ETFs on the same day, the largest inflow in four months.
Harris’ crypto statement
Harris’ agenda touched on enabling Black men who hold digital assets to benefit from financial innovation. More than 20% of Black Americans have owned or currently own crypto.
Hougan described Harris’ statement as a “Rorschach test.” If you’re anti-crypto, you can interpret her words as pushing for stricter regulations in the name of protecting investors.
If you’re pro-crypto, you can see her offering a way forward for the industry with the promise of regulatory clarity. Either way, Harris sent a message that crypto matters. Hougan said:
“I’m not close enough to the campaign to know what she meant exactly. I’ve seen folks who claim to have the inside track argue both sides. From my seat, you can only know one thing for sure: The statement shows Harris recognizes that crypto matters enough to an important demographic that she’ll take the time to call it out.”
Harris vs. Trump: Polling and crypto implications
The presidential race remains tight. Many polls show Harris and opponent Donald Trump neck and neck, with only three weeks to go before the election.
An NBC News poll showed both candidates tied at 48% among registered voters, while 4% of voters remain undecided.
Another poll by Morning Consult gave Harris a slight edge, with a 4-point lead over Trump. But her lead has narrowed compared to earlier in the race. Trump has gained ground, particularly in key battleground states.
A Harvard CAPS/Harris poll showed Harris at 51% and Trump at 49%. Similarly, a YouGov/Economist poll showed Harris with a 3-point lead, capturing 47% of the vote compared to Trump’s 44%.
Polls from key swing states paint a more complicated picture. In Arizona, Trump leads Harris with 68% of the vote compared to her 32%. In Georgia, Trump holds a 64% to 36% lead. In Pennsylvania, Trump is ahead with 57%, while Harris trails with 43%.
But Harris is leading in Nevada, where she holds 51% compared to Trump’s 49%. Michigan and Wisconsin remain tight, with Trump slightly ahead.
Michigan polls show Trump with 54% of the vote compared to Harris’ 46%, and in Wisconsin, Trump leads with 53% to Harris’ 47%.
Betting markets tell a different story from the polls. On blockchain-based Polymarket, Trump holds a 57.9% chance of winning, compared to Harris’ 41.9%.
Other platforms like PredictIt give Trump a 54% chance of winning, with Harris trailing in the mid-40s. Interestingly, nearly 10% of Republicans are reportedly considering voting for Harris.
