On the evening of July 21, U.S. President Joe Biden officially announced his withdrawal from the 2024 presidential race.
In his statement, Biden didn’t specify the reasons for his decision, only mentioning it was “in the best interest of the party and the nation.” He also supported Vice President Kamala Harris as his replacement in the race for the White House.
— Joe Biden (@JoeBiden) July 21, 2024
Kamala Harris later expressed her honor in receiving Biden’s support and confirmed her willingness to join the presidential race. However, Harris’s stance on cryptocurrency remains to be seen.
Bitcoin’s price surged to nearly $68,500 per coin on the morning of July 22, the highest in a month.
“This move reflects investor sentiment that Harris won’t be able to beat Donald Trump in the presidential race. Bitcoin’s prospects look bright because Trump is seen as crypto-friendly,“ explained Tony Sycamore, a market analyst at IG Australia.
Last week, Bitcoin also hit a two-week high after an assassination attempt on Trump. Investors believe this event increases his chances of winning the election.
During his campaigns, Trump has clearly shown his support for cryptocurrencies. Thus, his rising reelection prospects have significantly boosted the crypto market, especially Bitcoin.
Zach Pandl, Head of Research at Grayscale Investments, commented that Bitcoin’s sharp price increase is due to investor expectations that Trump’s presidency would create a more favorable regulatory environment for the crypto industry.
A term gaining traction recently is “Trump trade.” The “Trump trade” involves buying Bitcoin and stocks (especially gun and oil manufacturers) while shorting long-term bonds, anticipating a surge in U.S. debt due to tax cuts, increased spending, and Trump’s pro-growth policies.
More crypto investors and entrepreneurs in San Francisco are voicing their support for Trump. However, caution is advised, as Trump once called Bitcoin a “scam” during his presidency in 2021.
Recently, he has changed his stance, which observers believe might be a tactic to attract lobbying groups ahead of the election scheduled for November 5.
Related news: Bitcoin Poised for a New All Time High Again
