Markets
Biden is out: Cryptocurrency market uncertainty amid Kamala Harris’ unknown position
On Sunday night, U.S. President Joseph Biden announced his not-so-surprising withdrawal from the 2024 presidential race, saying it was in “the best interest of [his] He also supported Vice President Kamala Harris’ candidacy for president against former US President Donald Trump, the Republican candidate.
Although Harris is a familiar political face (she ran with Biden for vice president in 2020 and won), it is not yet clear how the markets will react in the coming weeks. It is not yet certain whether Harris would represent the Democrats in the race against the Republican Trump. However, Biden’s support makes her the favorite candidate for the race.
Uncertainty looms
Markets don’t like instability, unless it’s the result of bad policies. In the race between Biden and Trump, the Republican candidate had become the favorite, not only because of his populist initiatives, but also because of the incumbent president’s health problems that affected his public appearances.
Although Trump is very vocal about his policies regarding businesses and even cryptocurrencieswhich have become a hot electoral issue, Harris’ views remain unknown.
“I don’t see any upside potential in the market with Kamala at the top of the rankings, I don’t see the market liking her,” one anonymous wealthy individual was quoted as saying by the New York Post. “She’s not stable.”
Josh Thompson, CEO of Impact Health USA, also told Yahoo Finance that the market’s immediate reaction to Biden’s resignation and Harris’ endorsement “would probably be one of volatility and uncertainty…Investors generally prefer stability and predictability, and such a major political change would disrupt both.
Will Cryptocurrency Decide the US Election?
When it comes to cryptocurrencies, Harris has never publicly shared her views. She is currently vice president, but has never taken a position on the widely debated topics of digital currencies, tokenization, blockchain, or non-fungible tokens (NFTs).
Meanwhile, Trump has been going wild with his pro-crypto views. He has attended several Bitcoin conferences and presented himself as the first “crypto president”, pledging to save the 50 million Americans who own cryptocurrencies from “Elizabeth Warren and her minions.” He even said he would ensure that “all remaining bitcoins [is] MADE IN USA!!!”
His chosen vice president, J.D. Vance, is also a Bitcoin holder. According to Vance’s Senate financial disclosures, he holds between $136,000 and $390,000 worth of cryptocurrency. He also introduced a bill that would protect cryptocurrency companies and exchanges from being squeezed out of traditional banks.
Harris is also considered one of the most tech-friendly Democrats. However, she has never spoken about blockchain, the “promising” technology behind cryptocurrencies. In particular, she has expressed concerns about the growing use of artificial intelligence (AI). Interestingly, according to her 2023 White House financial disclosure, Harris and her husband do not hold any cryptocurrencies in their multi-million dollar investment portfolio.
Meanwhile, Bitcoin prices have not budged since Biden withdrew his candidacy and endorsed Harris. The cryptocurrency has gained about 7.5% in the past seven days and is trading at over $67,600 apiece at press time. Interestingly, the Harris-based meme token $KAMA hit an all-time high after Biden endorsed her.
Additionally, 29% of bettors on Polymarket, the cryptocurrency-based prediction platform, see her becoming the next president of the United States, compared to 64% who favor Trump.
On Sunday night, U.S. President Joseph Biden announced his not-so-surprising withdrawal from the 2024 presidential race, saying it was in “the best interest of [his] He also supported Vice President Kamala Harris’ candidacy for president against former US President Donald Trump, the Republican candidate.
Although Harris is a familiar political face (she ran with Biden for vice president in 2020 and won), it is not yet clear how the markets will react in the coming weeks. It is not yet certain whether Harris would represent the Democrats in the race against the Republican Trump. However, Biden’s support makes her the favorite candidate for the race.
Uncertainty looms
Markets don’t like instability, unless it’s the result of bad policies. In the race between Biden and Trump, the Republican candidate had become the favorite, not only because of his populist initiatives, but also because of the incumbent president’s health problems that affected his public appearances.
Although Trump is very vocal about his policies regarding businesses and even cryptocurrencieswhich have become a hot electoral issue, Harris’ views remain unknown.
“I don’t see any upside potential in the market with Kamala at the top of the rankings, I don’t see the market liking her,” one anonymous wealthy individual was quoted as saying by the New York Post. “She’s not stable.”
Josh Thompson, CEO of Impact Health USA, also told Yahoo Finance that the market’s immediate reaction to Biden’s resignation and Harris’ endorsement “would probably be one of volatility and uncertainty…Investors generally prefer stability and predictability, and such a major political change would disrupt both.
Will Cryptocurrency Decide the US Election?
When it comes to cryptocurrencies, Harris has never publicly shared her views. She is currently vice president, but has never taken a position on the widely debated topics of digital currencies, tokenization, blockchain, or non-fungible tokens (NFTs).
Meanwhile, Trump has been going wild with his pro-crypto views. He has attended several Bitcoin conferences and presented himself as the first “crypto president”, pledging to save the 50 million Americans who own cryptocurrencies from “Elizabeth Warren and her minions.” He even said he would ensure that “all remaining bitcoins [is] MADE IN USA!!!”
His chosen vice president, J.D. Vance, is also a Bitcoin holder. According to Vance’s Senate financial disclosures, he holds between $136,000 and $390,000 worth of cryptocurrency. He also introduced a bill that would protect cryptocurrency companies and exchanges from being squeezed out of traditional banks.
Harris is also considered one of the most tech-friendly Democrats. However, she has never spoken about blockchain, the “promising” technology behind cryptocurrencies. In particular, she has expressed concerns about the growing use of artificial intelligence (AI). Interestingly, according to her 2023 White House financial disclosure, Harris and her husband do not hold any cryptocurrencies in their multi-million dollar investment portfolio.
Meanwhile, Bitcoin prices have not budged since Biden withdrew his candidacy and endorsed Harris. The cryptocurrency has gained about 7.5% in the past seven days and is trading at over $67,600 apiece at press time. Interestingly, the Harris-based meme token $KAMA hit an all-time high after Biden endorsed her.
Additionally, 29% of bettors on Polymarket, the cryptocurrency-based prediction platform, see her becoming the next president of the United States, compared to 64% who favor Trump.