Key Points
- President Joe Biden’s withdrawal from the presidential race led to a surge in Bitcoin (BTC) price.
- Crypto traders are optimistic about the potential impact of a Trump administration on the crypto market.
Joe Biden, the current President of the United States, announced his decision to step down from the upcoming presidential race on Sunday, July 21. This news was followed by a significant increase in the price of Bitcoin (BTC), as it reached a one-month high of $68,000 over the weekend.
The development resulted in a bullish sentiment among crypto traders. Speculation is rife about the potential benefits that Kamala Harris, likely to replace Biden, might bring for the crypto community. However, some analysts are primarily interested in the return of Donald Trump to boost the prospects of the crypto market.
Market Predictions Under Trump Administration
It is widely believed that the crypto market would be more investible under a Trump administration. Tony Sycamore, a market analyst at IG Australia Pty, commented that the market’s upward movement reflects the belief that Democrats under Kamala Harris cannot surpass Trump in the race for the White House, and that a new era for Bitcoin could emerge under a pro-crypto US President.
President Donald Trump is scheduled to speak at a Bitcoin conference in Nashville on July 27. Following the conference, the Republican presidential candidate will also host a fundraiser, with potential attendees being asked to contribute $844,600 per seat.
Democrats’ Chance to Attract Crypto Voters
With Biden’s exit from the presidential race, some market analysts believe that the Democrats have a good opportunity to attract crypto voters. Jake Chervinsky, Variant Fund Chief Legal Officer and former Blockchain Association lawyer, stated in a July 22 post that this development presents a “huge opportunity” for the party, which has been largely anti-crypto under Biden, to “win back a big share of the crypto vote”.
Chervinsky also pointed out that thousands of crypto supporters are “single-issue voters” who could influence this election in states like Pennsylvania and Michigan. However, he noted that crypto is not inherently a partisan issue. There are Democrats who support it, many of whom are left-leaning but feel conflicted due to the Biden administration’s anti-crypto policies.
The lawyer also provided several recommendations for the new candidate to attract the crypto voters. These include recognizing the importance of crypto for the US economy, proposing balanced policies for innovation and consumer protection, and nominating crypto-friendly candidates for agencies like the SEC and the CFTC.
