On Sept. 18, Alex Svanevik, CEO of blockchain analytics platform Nansen, spoke with Cointelegraph at Token2049 about the 2024 United States presidential election.

Svanevik explained his opinion on the outcome of the elections and the implications for cryptocurrencies’ future in the US and abroad, depending on whether Donald Trump or Kamala Harris becomes president.

“I think if Trump wins, it seems pretty clear that that’s very bullish for crypto in the US [...] in the sense that he is the most pro-crypto candidate. And on the flipside, I think if you look at the Democrats and Harris, […] it’s basically a relatively hostile environment for crypto.”

Related: Some pro-crypto Trumpers suggest he ‘lost their votes’ after token launch

Harris presidency could be bullish for crypto outside the US

Svanevik predicted that a Harris presidency could continue the current administration’s policies, which many consider less favorable for cryptocurrency development and innovation.

However, the Nansen CEO explained that Harris coming to power could have positive implications for business abroad due to its potential inverse effects on US-based crypto firms.

“If you just think two or three steps ahead, what might happen is that it’s bullish for crypto outside of the US because crypto firms will move from the US.”

Svanevik stated that he’d spoken with founders and CEOs who have said that if Harris wins, “they will move their business.”

Related: Man and machine: Nansen’s analytics slowly labeling worldwide wallets

Trump presidency potentially bullish for US crypto

Trump, who has previously launched cryptocurrency projects and expressed pro-crypto sentiments, has been seen as a strong advocate for the sector.

Svanevik predicted that a Trump victory in the 2024 US presidential election could be positive for crypto-related business in the US crypto industry. 

“It’s bullish for the US that Trump wins. It’s maybe short-term bearish for everyone if Harris wins. [...] If you’re not an American, you support Harris because then you have more crypto business outside of the US.”

It’s important to note that Trump previously stated in 2019 that he was “not a fan of Bitcoin and other Cryptocurrencies,” saying in a post that they are “based on thin air” and “not money.”

Related: Crypto stocks recover from dip as polls say Harris won debate against Trump

Trump support topples after token launch

Within 24 hours of Trump’s World Liberty Financial project announcing its plans to launch its WLFI token, the crypto community responded with backlash , with some users suggesting that he had now lost their support.

The announcement was made during a Sept. 16 X Space, but few other details were provided about the project .

While some community members openly slammed Trump for the token launch, others more conservatively suggested that the WLFI project timing was bad and inherently risky.

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