With just six days to go until the US presidential election, former President Donald Trump has intensified his support for Bitcoin (BTC) and the broader crypto industry.
In a recent statement addressed to taxpayers, Trump proposed major changes that could reshape the landscape for digital asset transactions in the United States, especially after years of heightened scrutiny from regulators.
No capital gains tax on Bitcoin purchases
Trump’s pledge to make the US the “crypto capital of the world” includes a recent proposal to eliminate capital gains taxes on Bitcoin transactions when used for purchases.
In one social media message on
They make them pay taxes on crypto and I don’t think that’s right. #Bitcoin is money, and you have to pay capital gains tax if you buy coffee with it? I was talking to a friend; he said ‘it really shouldn’t be taxed’, and I agree.
Trump’s comments come as he does increases his lead against Vice President Kamala Harris on Polymarket, a crypto prediction market where bettors give him a 66% chance of winning the election.
However, traditional polls tell a different story: indicates that Harris has a narrow lead in key battleground states like Michigan (48% to 43%) and Wisconsin (51% to 45%). According to a recent CNN poll, both candidates are tied at 48% each in Pennsylvania, underscoring the tight race as Election Day approaches.
Analyst Warns Harris’ Win Could Impact BTC Prices
Trump’s approach to cryptocurrency has paid off big time support from the industry. His recent comments are in stark contrast to the more cautious stance of Harris, who has proposed a less defined policy direction on digital assets.
It is notable that Trump has launched his crypto company, World freedom financial (WLF), and plans to fire SEC Chairman Gary Gensler on his first day on the job.
The former president has also proposed making Bitcoin a strategic reserve to help reduce the national debt, which currently stands at $35 trillion dual interestwith lawmakers in Congress showing increasing enthusiasm.
Florida Chief Financial Officer Jimmy Patronis has even done so suggested allocating some of the state’s pension funds to cryptocurrency, especially Bitcoin, inspired by Trump’s recent plans for the US with digital assets.
Although Harris has taken a more cautious approach to crypto than President Biden, some analysts predict that a victory for Harris could lead to a decline in Bitcoin’s price.
Michael Terpin, CEO of Transform Ventures, believes that momentum for the Bitcoin price will continue regardless of the election outcome, signaling further recovery and the potential for new all-time highs. Terpin commented:
There’s just too much momentum right now. We’re at the point in the cycle where things normally go up quite a bit. I just think Trump winning would make it faster, faster, higher.
At the time of writing, Bitcoin was trading at $71,930.
Featured image of DALL-E, chart from TradingView.com