TRON blockchain founder Justin Sun took to X (Twitter) to declare, “Goodbye Biden, crypto will last forever.” This comment was in response to U.S. President Joe Biden’s announcement on July 21 that he would not seek re-election in 2024 amid growing calls within his Democratic Party for him to step down. Biden stated he will remain in office until his term ends in January 2025 and will address the nation this week.
This decision has been met with relief among U.S. crypto supporters. The Democratic Party has now not been a strong supporter of cryptocurrencies, causing disappointment among crypto fanatics. Sun, along with Tesla CEO Elon Musk, has endorsed former U.S. President Donald Trump for the approaching election.
Their endorsement comes after a failed assassination try on Trump on July 13. Sun posted a photo of Trump on X (Twitter), stating that Trump has a higher desire for the crypto industry and might ensure fairer treatment.
Kamala Harris to Follow Suit?
Within 30 minutes of his assertion, Biden advocated Vice President Kamala Harris for the Democratic nomination, clarifying the party’s direction. This has sparked activity in the crypto market, with traders betting on memecoin related to presidential politics. The meme coin KAMA, named after Kamala Harris, more than doubled in price following Biden’s statement, hitting an all-time high of 2.4 cents.
With a marketplace cap of $24 million, KAMA is now almost four times the scale of the Biden-stimulated coin BODEN, which fell with the aid of nearly 56% to $0.0978. Notably, Kamala Harris does not preserve or hold any cryptocurrencies.
Crypto advocate Jake Chervinsky also weighed in on Twitter, stating that Biden’s decision to step aside presents the Democratic Party with a significant opportunity to win back a large portion of the crypto vote. He emphasized that crypto could be a deciding factor in swing states where it is a key issue.
Changing Face of Bitcoin in the United States?
Analysts are divided on the impact of Biden’s withdrawal on crypto assets. Some suggest it could benefit Bitcoin and other cryptocurrencies in the coming months, while others caution investors to temper their excitement.
The price of Bitcoin dipped as much as 2.8% following the announcement, but quickly regained and is now trading above the $67,000 mark, according to CoinMarketCap data.
Trump has recently made Bitcoin a central part of his campaign, declaring on June 14 that he would end the Biden administration’s “war on crypto” if elected. Markus Thielen, founder of 10x Research, suggested that a crypto-friendly Trump could announce at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, that he would make Bitcoin a strategic reserve asset for the U.S. government.
As the political landscape shifts, the crypto community remains hopeful for policies that support the growth and integration of cryptocurrencies in the U.S. economy. The upcoming election will likely see crypto as a key issue, influencing voter decisions in critical swing states.