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“Now what?” – Crypto community reacts to Biden ditching Trump in presidential race
- Biden’s out, Kamala’s in for the race against Trump, with Hilary also backing her, though another Dem could still step up.
- Kamala hasn’t said much about crypto, even though she’s linked to tech and the current administration isn’t too keen on crypto.
- After Biden dropped out, betting odds favor Kamala over him, and Bitcoin’s price even ticked up a bit.
After weeks of anticipation by his party, President Joe Biden finally agreed to pull out of the race with Donald Trump. He endorsed Kamala Harris to take his place.
Now what? Because this either increases the chances of Donald Trump, or is about to shoot it dead.
Not just Joe, Hillary Clinton also endorsed Kamala. But this is just because she is the auto nominee. The Dems could, and probably would, endorse someone else entirely. Perhaps the Governor of California.
BitMEX founder and crypto OG Arthur Hayes said that if the Democrats do decide to go with someone else for this, then Trump will likely lose. And then all the best the crypto industry has made on Trump will disappear.
All that lobbying would be for nothing.
Trump’s odds against Kamala will probably stay the same with the ones with Joe. Depending on who they pick, the Democrats’ chances might seriously increase.
Kamala Harris has not made any public comments regarding cryptocurrency, so her official opinion on the matter is virtually unknown.
Despite her strong ties to the tech industry and a background that includes employing Ryan Montoya, who was involved in the Sacramento Kings’ acceptance of Bitcoin, she has not shared a specific position on crypto. Or crypto policy.
Currently, the Biden administration, which Harris is part of, has generally taken a critical and somewhat toxic approach toward the crypto industry, especially crypto companies.
Financial disclosures show us that neither Harris nor her husband has investments in cryptocurrencies, preferring traditional investments like Treasury bonds.
On Polymarkets, Kamala’s chances against Trump are always way higher than Biden’s ever were, causing Trump’s to go from 70% to 64%
Kamala surpassed Trump on the Presidential Election Popular Vote Winner bets with 1%. Meanwhile, there are talks of Trump considering Larry Fink for Treasury Secretary if he wins. Larry spoke highly of Bitcoin just a few days ago, as Cryptopolitan reported.
Two hours after Biden announced his dropping out, Bitcoin has gone from under $67,000 to over $68,000.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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