Matthew Sigel, director of digital asset research at VanEck, said the outcome of the 2024 election between Biden and Trump could have a significant impact on the cryptocurrency industry as well as other sectors of the U.S. economy. He stated that the Biden administration is an obstacle to wider cryptocurrency adoption, and if there is a change in the presidency, we will see more government support for the industry.
VanEck applied for a Bitcoin ETF as early as June 2018 and was already aware of the disruptive potential of Bitcoin. However, the SEC hindered this effort. It was not until January this year that the SEC approved 10 Bitcoin ETFs. Trade including the VanEck Bitcoin Trust's HODL ETF. While some financial institutions have not yet considered adding Bitcoin to regular investment products, Sigel expects that as more firms reconsider Bitcoin, financial advisors’ views on clients’ digital assets may change. (Decrypt)