Matthew Sigel, head of digital asset research at VanEck, said the outcome of Biden's 2024 election with Trump could have a significant impact on the crypto industry, as well as other sectors of the U.S. economy. He said that the Biden administration is an obstacle to the wider adoption of cryptocurrencies and that if the presidency changes, we will see more government support for the industry. VanEck had already recognized Bitcoin's disruptive potential when it applied for a Bitcoin ETF in June 2018, but the SEC thwarted that effort, and it wasn't until January of this year that the SEC approved 10 Bitcoin ETFs for trading, including the VanEck Bitcoin Trust's HODL ETF. While some financial institutions are yet to consider adding Bitcoin to their regular investment offerings, Sigel expects that financial advisors' perceptions of clients' digital assets may change as more companies reconsider Bitcoin.