Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price
May 20 2024 - 10:00AM
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The US crypto industry is engaged in an intense battle against the
White House, with tensions reaching a boiling point over the Biden
administration’s relentless push for onerous regulations and
crackdowns on digital assets. According to Charles Hoskinson, the
founder of Cardano, this anti-crypto stance may very well cost US
President Joe Biden another term in office. Related Reading: Solana
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scathing rebuke, Hoskinson accused the administration of harboring
a “systematic effort to hurt the crypto industry,” citing numerous
policy meetings, private dinners, and open letters where the
community has tried in vain to foster understanding. Despite these
attempts at engagement, he argues, regulators remain steadfast in
their campaign against the sector. “53 million Americans,
regardless of their politics and preferences, are being painted as
soft criminals,” Hoskinson laments, warning that this hostile
environment has already landed some of his industry peers,
including Binance’s former CEO Changpeng Zhao, in jail. The
Elizabeth Warren Factor Hoskinson has singled out Sen. Elizabeth
Warren as the driving force behind the administration’s anti-crypto
agenda, going so far as to suggest a clandestine pact between her
and Biden. The Cardano founder claims that Warren, known for her
staunch opposition to digital assets, was able to extend her
influence into the Treasury Department, handpicking like-minded
individuals who share her distaste for the industry. This perceived
alliance, Hoskinson argues, has resulted in an administration that
is heavily tilted against crypto, effectively labeling a
significant portion of the population as “criminals.” He views this
as a devastating blow, not just for the industry but for the
democratic process as a whole. Crypto As The ‘Kingmaker’ Amidst his
frustrations, Hoskinson offers a tantalizing prediction: the crypto
industry will be the “kingmaker” in future US elections. He asserts
that the current administration’s anti-crypto stance is predicated
on the belief that there will be no political consequences to its
actions. However, Hoskinson is convinced that the voting public
will prove them wrong. Hoskinson declares, underscoring the pivotal
role that the crypto industry could play in shaping the political
landscape: “If this President loses his job and crypto is the
decider, no Democrat running in 2028 will be anti-crypto.” The
Cardano founder envisions a future where the next generation of
Congress members, senators, and presidents are “crypto natives,”
paving the way for a more inclusive and progressive regulatory
environment. He believes that the industry’s exponential growth and
increasing influence will make it a force to be reckoned with in
the political arena. How This Impacts The Price Of Crypto The
escalating tensions between the Biden administration and the crypto
industry have had a direct impact on the broader digital asset
market. Investor confidence has been shaken, leading to significant
volatility and price fluctuations across major cryptocurrencies. In
the wake of the crackdown and the heightened political rhetoric,
Bitcoin and Ethereum have seen sharp declines, with prices dropping
by over 20% in the past month alone. Related Reading: Bitcoin Boom:
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altcoins have fared even worse, as the uncertainty surrounding the
regulatory landscape has prompted many investors to steer clear of
riskier assets. Industry experts warn that this turbulence may
continue until a clearer path forward emerges, either through a
change in political leadership or a softening of the
administration’s stance on crypto. Featured image from Sky News,
chart from TradingView
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