(PatriotSpotlight.org) – U.S. President Joe Biden’s admission that he will not seek re-election in the 2024 presidential race, has prompted a major rally in cryptocurrency markets.
Bitcoin soared to a one-month high of $68,000 in the wake of the shocking news as traders expressed optimism about the elderly President being replaced. Vice President Kamala Harris is now set to replace Biden’s place at the top of the Democratic ticket. Her approach to crypto is less clear, while it is known that her former GOP counterpart JD Vance is pro-crypto and has been involved in investing in it.
One ex-Blockchain Association lawyer told press that Biden’s departure could be a win for the crypto crows, given the President’s skeptical approach to the industry. He said that crypto-friendly policies could play a major role in the election, given the likelihood of very narrow margins in key states.
Market observers remain divided on the potential ramifications of this major political shift. One IG Australia Pty analyst said current bullish sentiment reflects a market perception that Harris will be unable to win against former President Donald Trump in November. The analyst commented that the move higher indicates that the Democrats under Kamala Harris cannot overtake Trump and that a new dawn is emerging for Bitcoin under a pro-crypto US President.
The anticipation of a Trump return to the presidency, viewed by many in the crypto community as a potential catalyst for market growth, is adding to the excitement. Trump is scheduled to speak at the upcoming Bitcoin conference in Nashville on July 27, where he will also host a high-profile fundraiser. The event, which demands a staggering $844,600 per seat, underscores the significant financial backing and interest in his campaign from crypto investors.
The former Blockchain Association lawyer has outlined a strategic roadmap for the Democrats to regain the trust and support of crypto traders, having stressed the role of crypto in the U.S. economy and has encouraged the appointment of crypto-friendly to the SEC and CFTC, while keeping consumer protections in mind.
Copyright 2024, PatriotSpotlight.org
