Joe Biden has decided to drop out of the re-election race. Bitcoin price is falling.
Joe Biden is retiring
President Joe Biden announced he will not seek re-election.
While it was my intention to seek re-election, I believe it is in the best interests of my party and the country for me to step down and focus solely on fulfilling my duties as President for the remainder of my term.
– he wrote in a letter he published online.
It is the first time in decades that a U.S. president has withdrawn from running for re-election, following the previous decision by President Lyndon Johnson, who decided not to seek a second full term in 1968 (he had previously taken office after the assassination of John Kennedy).
I wrote about the possibility of Biden stepping down on bitcoin.pl this morning. However, I indicated that it wouldn’t be that easy.
First, it is surprising that the president does not want to run, signaling that he is no longer fit to run the country, and at the same time he does not plan to move out of the White House. Theoretically, in such circumstances, he should step down and hand the reins of power to Kamala Harris, the current vice president.
Today, it is not known who will replace Biden in the fight against Donald Trump. The natural candidate is Harris. However, she does not enjoy much support in the polls.
The alternatives are Michigan Gov. Gretchen Whitmer and California Gov. Gavin Newsom. Both were mentioned as serious candidates before the primaries. It is unclear whether they will dare to fight for power now.
The issue of campaign finance remains a concern. Funds donated to Biden’s cause should now be returned to donors (unless Harris runs).
Bitcoin price is falling
In response to all this, the price of bitcoin is falling. In an hour, the cryptocurrency fell by 1.5%. It currently costs $66,425.
One ether costs $3,442, which means a decline of about 2% over a 60-minute period.