VanEck Research Director: Bitcoin Can Perform Well Under Democratic Governance

Matthew Sigel, the Head of Digital Asset Research at the asset management company VanEck, stated on CNBC that Bitcoin does not need a Republican president to perform well, and former President Biden is not anti-Bitcoin. Sigel pointed out that despite Republicans repeatedly criticizing Democrats for being anti-cryptocurrency, and the regulatory agencies under the Biden administration suing digital asset companies, Bitcoin can still develop healthily under Democratic governance.

Sigel also discussed the delay in the legislation of the Clarity Act, which aims to establish a classification framework for digital assets and clarify the regulatory jurisdiction over securities, commodities, or payment stablecoins. Some Republican senators accused Democrats of delaying the legislation, while Coinbase's Chief Policy Officer Faryar Shirzad believes that the opposition mainly comes from older Democrats, and the younger generation better understands technological changes, making cryptocurrency potentially the most bipartisan issue in Washington.

Recently, Bitcoin has shown strong price performance, rising nearly 24% in the past seven days, reaching as high as $81,160, and currently retreating to about $78,438. Previously, the Trump administration promoted the establishment of a Bitcoin strategic reserve and issued several executive orders supporting cryptocurrency.