- Bitcoin ($BTC) rebounded to $68K following the news about Joe Biden leaving the US election race, standing just 6% below its all-time high of $73K.
- Kamala Harris’ stance on digital assets is uncertain, but the crypto community sees her potential election as a more favorable outcome than Biden’s.
- Elon Musk changed his X profile picture to feature laser eyes, sparking debate about his possible attendance at the Bitcoin 2024 conference alongside Donald Trump.
On July 21, Joe Biden withdrew from the US election race and expressed support for the new Democratic nominee, Vice President Kamala Harris.
My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV
— Joe Biden (@JoeBiden) July 21, 2024
This news stunned both the American public and the crypto community. $BTC briefly rebounded to $68K, signifying the broad investor belief that either election outcome is bullish for crypto.
Let’s unpack what Harris’ possible participation in the presidential race means for the market.
Kamala Harris – Bullish or Not?
Kamala Harris hasn’t openly expressed her stance on digital assets, so the crypto community can only guess what the market will be if she wins the election. Here’s what we know:
Harris, unlike Trump, appears to have no strong interest in crypto. Yet the new Democratic nominee is unlikely to be as detrimental to the market as Joe Biden, given his SAB 121 veto and threats to criminalize $BTC tenets.
However, the crypto community’s support for Trump could force Harris to advocate for digital assets in an attempt to overturn the polls.
Either way, the crypto X community reacted to the announcement with excitement. And, in the best traditions of degen investment, a new meme coin, Kamala Horris ($KAMA), pumped 131% in 24 hours.
Biden: drops out of the race, endorsing VP Kamala Harris
Crypto: new token go moon pic.twitter.com/izB1djwYpm
— Tal Shmuel Harel (@TalHarelTal) July 21, 2024
Musk Might Join Trump at Bitcoin 2024
Trump has been vocal about his bullish take on digital assets, promising to be the ‘crypto President,’ mine all $BTC in the US, and releasing his fourth NFT collection.
Meanwhile, some reckon crypto advocacy isn’t enough to win the election. The Future Fund’s managing partner, Gary Black, warned his X followers that the public doesn’t trust Trump after the 6 January events.
Degen investors disagree, uttering Harris has no chance of beating Trump. Tesla and X CEO Elon Musk appears to be on the same page. The billionaire businessman voiced his endorsements for Trump and mocked Democratic candidates numerous times.
Yesterday, Musk gave his X profile picture a ‘laser-eyed’ makeover, a meme representing bullish sentiment towards crypto. He made the change mere days before the Bitcoin 2024 conference in Nashville, where Donald Trump will speak.
Laser Eyes are back in style. #Bitcoin pic.twitter.com/FZBztnkVhf
— Michael Saylor⚡️ (@saylor) July 21, 2024
Crypto enthusiasts speculate Musk’s picture hints at his possible attendance alongside Trump. Dennis Potter, founder of Satoshi Act Fund, suggested Trump plans to announce a $BTC strategic reserve at the conference, yet this remains to be seen.
Final Thoughts
While Kamala Harris’ nomination for the election race is not a done deal, crypto investors see it as a bullish scenario. Does Harris share her ally’s viewpoint? We’ll have to wait for the Vice President to define her stance.
References
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Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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