President Donald Trump may be the most crypto-friendly leader the U.S. has had so far — but what would happen to Bitcoin if the Democrats were to get back in power?
Well, it wouldn’t necessarily be bad, according to asset manager VanEck’s Head of Digital Assets Research, Matthew Sigel.
Speaking on CNBC Wednesday, the analyst also said that contrary to what many believe, ex-President Joe Biden wasn’t anti-Bitcoin.
Republicans have repeatedly blasted Democrats as anti-crypto. Regulators under ex-president Joe Biden cracked down on digital asset companies, filing various lawsuits.
“Biden was actually okay for Bitcoin,” Sigel said. “It’s the rest of cryptos that might have a problem [if Democrats get back in power].”
He added: “With the ascendant socialist wing of the Democrat Party, I can tell you here in New York City that there are plenty who are reminded of why there is value in a decentralized, scarce asset that can’t be printed and spent on nonsense.”
President Trump campaigned on a ticket to help the digital asset industry and has passed a number of pro-crypto executive orders, including setting up a Bitcoin Strategic Reserve.
The price of Bitcoin surged off the back of Trump’s 2024 victory and notched a new record last year. Despite some sluggish months in 2026, the leading digital asset began to rise again last week after the president urged lawmakers to get the long-awaited crypto Clarity Act over the line.
Bitcoin has jumped nearly 24% over the past seven days, touching as high as $81,160 this week before dropping again to its current price of $78,438.
Pro-crypto lawmakers had hoped to pass the Clarity Act before Congress broke for August recess, but the vote slipped to September after Democrats balked at the latest draft.
Some Republican senators have accused Democrats of deliberately holding the legislation back.
The Clarity Act aims to create a legal framework classifying digital assets as securities, commodities or payment stablecoins, and determining which regulator oversees each.
Sigel’s comments echo those of Coinbase’s Chief Policy Officer, Faryar Shirzad, who said in July that crypto was “maybe the most bipartisan issue in Washington.”
Speaking about the delay in a vote on the Clarity Act, Shirzad said that while some lawmakers were holding back the long-awaited legislation, younger Democrats were for the framework.
“A lot of the opposition is generational — so it is Democrats who oppose it — but I think younger members who understand the technology, understand that money is transforming how we should engage financially, how we need to adapt, and so it’s really a generational shift,” he said on The Hill’s Rising show.