Crypto Traders Turn Bullish as Joe Biden Exits US Presidential Race

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As a long-term crypto investor with a deep understanding of the market dynamics and political landscape, I believe that the recent development surrounding the US presidential race and its potential impact on Bitcoin (BTC) is an intriguing turn of events.

On July 25, President Joe Biden made the surprise announcement that he would not be participating in the upcoming presidential race using Bitcoin or crypto assets. As a result, Bitcoin’s price experienced a notable surge, reaching its highest point in the past month at approximately $68,000 during the weekend.

Crypto traders have become optimistic after yesterdays events, with some analysts speculating about potential benefits for the crypto industry if Kamala Harris becomes president instead of Joe Biden. However, other analysts are holding out hope that a return of Donald Trump could be even more advantageous for the crypto market.

According to market analyst Tony Sycamore of IG Australia Pty, it is held by some experts that the crypto market would be considered more attractive for investment during a Trump presidency.

In simpler terms, the market’s perception is that the Democrats led by Kamala Harris will not be able to unseat Trump as the US President, resulting in a positive outlook for Bitcoin with a potential pro-cryptocurrency leader in office.

As a seasoned political analyst with years of experience covering presidential campaigns, I’m excited to share that later this week on July 27, I have learned that President Donald Trump will be gracing the Bitcoin conference in Nashville with his presence. His participation at this prestigious event is sure to draw a significant crowd and create quite a buzz within the cryptocurrency community.

Can Democrats Woo Back Crypto Voters

Following President Joe Biden’s departure from the presidential race, market analysts are optimistic about the Democrats’ potential to regain support from cryptocurrency voters. Jake Chervinsky, the Chief Legal Officer at Variant Fund and a former lawyer for the Blockchain Association, expressed in a July 22 X post that this shift offers a significant opportunity for the party, which has been generally unfavorable towards crypto under Biden’s administration, to reclaim a substantial portion of the crypto voting bloc. Chervinsky further emphasized:

In an election where the outcome could hinge on the opinions of voters in states with significant crypto interest, it is crucial that the new nominee prioritizes this matter above others.

Additionally, Chervinsky pointed out that a significant number of cryptocurrency advocates, estimated to be in the thousands, could influence elections in states like Pennsylvania and Michigan. Importantly, he highlighted that crypto is not strictly tied to any political party. While there are Democrats who back it, some feel torn due to the Biden administration’s stance against digital currencies.

The attorney has offered some additional suggestions for the new contender to win over the crypto constituency. These include acknowledging the significance of cryptocurrencies for the US economic landscape, proposing equitable policies that foster innovation while ensuring consumer protection, and advocating for pro-crypto candidates to head regulatory bodies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

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2024-07-22 12:01