While President Donald Trump has positioned himself as a crypto-friendly leader and implemented pro-industry executive orders—including plans for a Bitcoin Strategic Reserve—Bitcoin would still perform well if Democrats returned to power, according to VanEck Head of Digital Assets Research Matthew Sigel.
Speaking on CNBC, Sigel asserted that former President Joe Biden's administration was not inherently anti-Bitcoin, despite regulatory crackdowns and lawsuits targeting various digital asset companies. "Biden was actually okay for Bitcoin," Sigel said, adding that other cryptocurrencies might face challenges under Democratic leadership. He further noted that decentralized, scarce assets retain strong appeal as a hedge against government spending.
The broader political landscape surrounding cryptocurrency remains complex. Recent legislative efforts, such as the Clarity Act—which seeks to establish a legal framework classifying digital assets as securities, commodities, or payment stablecoins—have faced delays. A vote on the bill slipped from the August recess to September after Democrats objected to the latest draft, prompting accusations from some Republican senators that the opposition is intentionally holding back the legislation.
Despite these legislative friction points, industry figures suggest that support for digital assets spans political lines. Coinbase Chief Policy Officer Faryar Shirzad described cryptocurrency as potentially the most bipartisan issue in Washington. While noting that older Democratic opposition has delayed the Clarity Act, Shirzad pointed to a generational shift, stating that younger Democratic members increasingly understand the technology and the transformation of financial engagement.
Market activity has continued alongside these political developments. Bitcoin prices experienced a surge following President Trump's 2024 victory and recently climbed roughly 24% over a seven-day period, reaching as high as $81,160 before adjusting to $78,438, following the president's push for lawmakers to pass the Clarity Act.
