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Incumbent Vice President and Democratic candidate Kamala Harris has positioned herself as a supporter of cryptocurrencies and artificial intelligence, and the move is being discussed as a move to appeal to younger crypto-supporting voters.
This is in direct contrast to President Biden’s approach, which last year included signing an executive order establishing 30 new federal regulatory standards for AI.
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“Together, we will invest in America’s competitiveness and America’s future,” Harris said at the Cipriani Wall Street fundraiser. “We will protect consumers and investors while encouraging innovative technologies like AI and digital assets. “I will.”
In particular, this may be one of the few areas where Democratic and Republican candidates can see eye to eye. Former President Donald Trump, a longtime champion of the crypto sector, previously announced plans to fire current SEC Chairman Gary Gensler if he wins.
What does this mean for AI and cryptocurrencies?
Kamala Harris’ 180-degree shift from the perspective of the current administration has been welcomed by the crypto sector and garnered attention from industry leaders. The vice president’s message comes at a time when the crypto industry is flexing its financial muscle and becoming a key player in the 2024 presidential election.
Hayden Adams, CEO of cryptocurrency exchange Uniswap, said in a post on I think this is the first time that he’s mentioned cryptocurrencies in public, and it’s a positive move.”
Nvidia
Chipmaker NVIDIA Corp. (NASDAQ:NVDA) has been a cornerstone of the artificial intelligence industry for years. The California-based company held 88% of the GPU market share as of Q1 2024, marking an impressive 8% sequential increase.
NVIDIA is arguably one of the best-performing stocks in the S&P 500 in 2024, up nearly 170% year-over-year. NVDA stock could rise further if Harris wins on her advocacy for the AI sector, as analysts expect the stock to rise more than 15%.
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Moreover, considering the growing demand for AI chips, NVIDIA’s revenue is expected to reach $125.54 billion in FY2025, representing a 125.4% year-over-year increase. The company’s bottom line is expected to increase more than 138% year-over-year, with earnings per share (EPS) for the current fiscal year expected to reach $2.84.
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coinbase
Coinbase Global, Inc. (NASDAQ:COIN), the largest cryptocurrency exchange in the US in terms of trading volume, has been embroiled in a legal battle with the SEC for quite some time. In June 2023, federal regulators filed two lawsuits within just two days to crack down on the U.S. cryptocurrency sector.
Since then, Coinbase’s legal battle has continued, putting the cryptocurrency exchange in direct conflict with the country’s largest securities regulator. But that could quickly change if Harris wins and the White House implements favorable crypto policies.
Coindesk research shows Ark Invest founder and CEO Cathie Wood, who made a name for herself by delivering more than 325% returns to investors during the pandemic, recently He invested approximately $2.2 million in Coinbase. Ark Invest’s flagship Fintech Innovation ETF holds $67 million worth of COIN shares, representing 7.43% of the fund.
Coinbase’s EPS is expected to grow at a compound annual growth rate (CAGR) of nearly 200% over the next five years, so Coinbase could benefit greatly if Harris takes power.
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This article is about Kamala Harris’ plan to strengthen the AI and crypto sectors if she wins – These specific stocks could benefit.
