Joe Biden dropped out of his re-election bid on Sunday. Kamala Harris will almost certainly replace him. What does that mean for cryptocurrencies?
Joe Biden Ends Career, Harris Begins New Phase
On Sunday, what everyone had been waiting for happened. Joe Biden announced that he would not seek re-election. In a subsequent post, he wrote that he would support Vice President Kamala Harris for the Democratic Party nomination.
Does this matter to the cryptocurrency market? Let me start by saying that Harris may prove to be a tougher opponent for Donald Trump, but the Republican still wins in key states. However, to fully understand the Democratic Party’s position, you need to understand how the US electoral system works. The average voter doesn’t vote for a presidential candidate, but for an elector. Only then does the elector vote for the politician running.
Individual states also have different numbers of electoral votes. The key to the campaign is to convince the so-called swing states. In practice, these decide who will be president. The rest are most often traditionally pro-Democratic or pro-Republican.
As Marcin Palade, a polling expert, showed in his post on X, Trump is still winning in key states.
So is Harris in a losing position? No, after all, the campaign will last until early November. She has some time to make up for the losses that Biden’s missteps have generated.
Harris or Trump Wins – What Does It Mean for the Cryptocurrency Market?
Harris’ win likely means a continuation of the current administration’s cryptocurrency policies (I’ll get to that in a moment). Which is not good. The consolation is that, at least for now, it looks like Trump will win the election.
The Republican Party’s takeover of the White House could mean a revolution. Trump promises to pursue pro-Bitcoin policies. He wants to support mining industries, release Ross Ulbricht, the creator of Silk Road, and end the current administration’s anti-cryptocurrency policies.
Of course, it is also worth asking whether Trump will then fulfill the above promises. He will probably be able to do some of them. As even John Bolton, his colleague from the first term, who is critical of him, admits, the Republican is trying to fulfill his election postulates.
I will return to the subject of Harris for a moment. I do not want you to get the impression that she is taking one side of the political conflict in the US. The truth is that the current vice president has not spoken about bitcoin even once. It is possible that she will also want to change the current course of Biden’s policy and that of his people. And for purely selfish reasons. She comes from California, a state where Silicon Valley is located. This is important because if the vice president does not win the power struggle, she will want to run for Congress in the future, for example. And for this purpose, the support of large technology companies, as well as companies from the cryptocurrency market, will be useful. During the campaign, she may therefore make similar promises to Trump. However, she will not be very credible in this area.
In summary, Trump still seems like the better candidate for president to bitcoin fans at the moment. Harris is worth giving a chance, though, since she’s just starting her campaign.
