Kamala Harris’ Vision for AI and Crypto Sectors: Key Stocks Poised to Benefit if she win
Table of Content
- Kamala Harris’ vision for AI and Crypto
- Promoting America’s Competitiveness and Innovation
- Industry Reaction to Harris’ Pro-Crypto Statements
- NVIDIA’s Performance in 2024
- Analyst Predictions for NVIDIA Stocks
- Coinbase’s Battle with the SEC
- Cathie Wood’s $2.2 Million Investment in Coinbase
Democratic nominee Kamala Harris has emerged herself as a strong advocate for cryptocurrency and artificial intelligence supporter, a strategic move aimed at attracting younger, pro-crypto voters.
This contrasts sharply with President Biden’s approach, which marked by his signing of an executive last year that introduced 30 new federal regulation standards for AI.
“We will partner together to invest in America’s competitiveness and in our future. We will promote innovative technologies like AI and digital assets, while ensuring the protection of our consumers and investors,” Harris stated during a fundraiser at Cipriani Wall Street.
Earlier in the day, that Harris campaign snnounced that the “opportunity agenda” was specifically designed to strengthen her support for among Black men.
“Vice President Harris knows that over 20% of Black Americans have owned cryptocurrency assets, which is why her plans will ensure that owners of digital assets and investors benefit from a regulatory framework designed to protect Black men and others who involved in this market,”kamal harris press release said.
What Does Kamala Harris’ Statment Mean for the Future of AI and Crypto?”
Kamala Harris’ stark departure from turn the current administration’s viewpoint has been welcomed by the crypto sector, drawing attention from industry leaders. Kamala Harris messages arrives at a time when the crypto industry flexes its financial influence, emerging as a key player in the 2024 presidential race.
“Kamala just said she will encourage innovative technologies like DIGITAL ASSETS,” Hayden Adams, CEO of cryptocurrency exchange Uniswap, posted on X. “I believe this is her first time referencing crypto publicly and it’s in a positive way” he add.
Harris’ AI Advocacy will Push NVIDIA Shares Even Higher?
NVIDIA has been undoubtedly one of the top-performing S&P 500 stocks in 2024, up nearly 185% year-over-year. If elected, Harris’ support for the AI sector could further drive NVDA’s stock even upward, along with analysts predicting an additional surge over 15%.
With the growing demand for AI chips, NVIDIA’s revenues are projected to hit $125.54 billion in fiscal 2025, marking a 125.4% year-over-year growth. The company’s profits are also expected to soar by omore than 138% year over year, with earnings per share (EPS) forcasted to reach $2.84 in this year.
“Cathie Wood Invests $2.2 Million as Harris’ Crypto Policies Could Shift the SEC Dynamic”
Coinbase Global, Inc. (NASDAQ:COIN), the largest cryptocurrency exchange by trading volume,has been engaged in a prolonged legal battle with the SEC. In June 2023, the federal regulator filed two lawsuits against the company within a span of just two days as part of a broader effort to clamp down on the U.S. crypto sector.
Coinbaes’s legal battles with SEC have persisted, with the crypto exchange locked in a prolonged dispiute against the nation’s top securities regulator. However, this dynamic could soon shift if Harris wins the presidency and the White House introduces more favorable crypto policies.
Coinbase stands to benefit significantly if Harris takes power, awith the company’s earnings per share (EPS) projected to grow at an impressive compound annual growth rate (CAGR) of nearly 200% over the next five years.
Cathie Wood, founder and CEO of Ark Invest, who rose to prominence during the pandemic by delivering over 325% returns to investors, recently made a significant investment of approximately $2.2 million in Coinbase, according to research from coindesk. Ark Invest’s flagship Fintech Innovation ETF holds $67 million worth of COIN shares, representing a 7.43% weightage in the fund.
In conclusion, Kamala Harris’ potential victory in the 2024 presidential race could mark a huge turning point for the entire cryptocurrency industry, particularly for companies like Coinbase and NVIDIA. As AI and digital assets gain in momentum, Harris’ policies could provide a immense boost to both sectors.
