US President Joe Biden has announced that he will not seek re-election for a second term, which is a move that the crypto community believes could be bullish for the industry.
Since being elected President in 2020, the Biden administration has been accused of taking an anti-crypto stance. His departure from the US presidential contest now presents a chance for the Republican Presidential candidate, Donald Trump, to win the election.
Since announcing his presidential bid, Trump has been wooing the crypto community with pro-crypto remarks. He is also expected to appear at the Bitcoin 2024 Conference later this week.
Biden Opts Out of US Presidential Race
The Democrat Party has been urging Biden to drop out of the race for weeks since his disastrous performance during last month’s Presidential debate.
Biden has now bowed to pressure. In a Sunday X post, Biden said that while he had intended to seek re-election, he was now standing down to serve the best interest of the people and the country.
“While it has been the greatest honor of my life to serve as your President. And while it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden stated.
Biden did not give the reason behind his stepping down in the letter. However, he noted some things he had achieved during his tenure as president, including providing affordable healthcare and lowering prescription drug costs.
Biden’s decision to leave the US Presidential race has triggered chatter in the crypto community about how the development could be bullish.
The development has triggered much volatility among PolitiFi meme coins. Jeo Boden (BODEN) is down 56% in the last 24 hours, according to CoinGecko. The meme coin hit an all-time low of $0.0082 on July 22.
Biden Endorses Kamala Harris
In a subsequent post on X, Biden voiced his support for his Vice President, Kamala Harris, to be picked as the Democratic Party Presidential Candidate.
Trump noted that Harris was his best pick for Vice President in 2020, and he was now rallying behind her to endorse her as the Presidential nominee for the Democratic Party.
Harris’s nomination is a dice roll for the crypto community as she has never made a public statement on cryptocurrencies. However, she remains vocal about the risks of AI.
Nevertheless, Harris was part of the Biden administration and the anti-crypto campaigns.
Harris’s nomination has also triggered gains for some Politifi meme coin investors. Kamala Horris (KAMA), a token created on the Solana blockchain, has rallied by more than 800% in the last 24 hours, according to GeckoTerminal.
