The media suggests that Joe Biden may announce today that he is ending his election campaign and withdrawing from politics. This would mean that the Democratic Party would have to field someone else to fight Donald Trump.
Will Joe Biden say “enough”?
Numerous mishaps, then a presidential debate defeat, and now a coronavirus infection. Joe Biden really does have a lot of reasons not to run for the highest office in the US. That’s why the media is suggesting he’ll announce his resignation today.
But it’s not all that simple. It’s not even clear how to conduct the entire procedure legally. Biden won the Democratic Party primary. The formal confirmation of his candidacy is to take place in mid-August, during his party’s convention. The president should therefore accept the nomination and then immediately resign. The party would also quickly select a new candidate – without holding primaries.
The problem, however, is already at the level of finances. Donors would have to be given back the money they donated to Biden’s campaign. This cannot be “transferred” to the new candidate’s account. Funds would have to be raised anew. This will take time.
In addition, there is the issue of image and the head of state and his party. If the president announces that he is no longer able to perform his duties, he must resign. It will look bad. Then Kamala Harris, currently vice president, will take over the White House for a few months. She herself does not enjoy much public support.
Who is for Biden?
Indeed, theoretically, Biden’s natural successor in the fight for power should be Harris. According to some experts, naming her also eliminates the problem of returning money to donors. Since she is already running for re-election, the funds would not have to be returned.
Complicating matters is that Harris is not considered a serious politician. It was evident in the way she was treated. She was sent to less important conferences and meetings. It is unclear whether the Democratic Party would bet on her.
The alternatives are Michigan Governor Gretchen Whitmer and California Governor Gavin Newsom. They are young politicians. The question is whether they will decide to throw them to the wolves. Wouldn’t it be better to wait 4 years and fight for the presidency then?
What does this mean for cryptocurrencies?
If Biden drops out of the race for the White House, the bitcoin price may react with temporary declines. Until we find out who will replace him. Trump, however, has a great chance of winning the election. Regardless of who will represent the Democrats. This is good news for cryptocurrencies.
What are Harris, Whitmer, and Newsom’s views on blockchain? The first two have none. We don’t know if they’re even interested in the subject. The governor of California runs a state that’s home to some crypto companies, including Coinbase. So maybe he wouldn’t be a bad choice for the industry?
The text does not constitute investment advice.
