Summary
- President Joe Biden said Sunday he will not seek re-election in 2024 and is backing Vice President Harris to succeed him.
- As the news came out, the price of the memecoin named after him fell sharply.
- Kamala Harris could be the next president of the United States.
- She has not made any public comments on cryptocurrencies.
Biden's withdrawal statement Source: Joe Biden
US President Joe Biden will not seek re-election in the upcoming 2024 US presidential election.
Biden said he believed resigning was in the interest of the party and the country, according to a statement on Sunday. In a follow-up post from X, Biden said he had "full support and endorsement" of Vice President Kamala Harris as the Democratic nominee to replace him.
Biden has faced increasing pressure to withdraw in recent weeks, with multiple current senators calling for him to drop out of the race and even former President Barack Obama reportedly suggesting he do so.
Following the news, memecoin Jeo Boden fell 44%. Meanwhile, other tokens of possible contenders saw significant gains. In particular, a memecoin called Kamala Horris rose 52%, while memecoin Gabin Noosum rose 115%. The price of tokens named after Republican presidential candidate Donald Trump's opponent dropped out of the race. Doland Tremp was the most affected memecoin, rising 24% since the news broke.
On prediction market Polymarket, Biden's odds of winning have unsurprisingly dropped below 1%, while Kamala Harris' odds are now at 26%. Trump's odds remain unchanged at 63%.
Donald Trump responded to Biden's statement in a post on TruthSocial that read in part: "Crooked Joe Biden is unfit to run for President and certainly not fit to hold public office - ever!"
Biden bows to partisan pressure
Biden has faced increasing pressure to replace him as the presidential candidate after his poor performance in a debate last month sparked discussions about possibly replacing him. Over the past week, top Democrats, including Senate Majority Leader Chuck Schumer, have called on him to withdraw, according to ABC. Former House Speaker Nancy Pelosi told Biden that polls show he can't beat Republican presidential nominee and former President Donald Trump, and said Biden could "destroy the Democrats' chances of winning the House," according to CNN.
As the Democratic Party prepares to choose its presidential nominee at the Democratic National Convention in Chicago next month, it’s unclear whether the party will follow Biden’s lead and nominate Harris. According to a top contract from Polymarket, Vice President Harris has an 81% chance of becoming the nominee, while the average “other” candidate has a 12% chance.
News outlets have reported that in addition to Harris, there are a number of potential Democratic challengers, including California Gov. Gavin Newsom, Illinois Gov. J.B. Pritzker and Michigan Gov. Gretchen Whitmer.
What is Kamala Harris' stance on cryptocurrency?
The Biden administration has been hostile to the cryptocurrency industry, but Harris's stance is more elusive.
She has never taken an official stance on cryptocurrencies or commented on the industry. The White House did not respond to a request for comment.
Financial disclosures show that neither Harris nor her husband, Douglas Emhoff, has dabbled in cryptocurrencies — preferring to invest in Treasury bonds and emerging markets instead.
However, during the 2020 campaign, Harris did hire Ryan Montoya, the former chief technology officer of the basketball team Sacramento Kings, as his director of scheduling and advancement.
Under Montoya, the Sacramento Kings became the first team in the world to accept Bitcoin — a fact he showcased on his LinkedIn page.
The team also mined Ethereum and launched a line of NFTs.
Montoya now works as an assistant to the president in the White House, but he retains his old scheduling responsibilities.
Therefore, he is unlikely to have an impact on policy.
But The New York Times reported in 2020 that Harris, who is from San Francisco, has close ties to the tech industry.
Her nomination for vice president was seen as "good news" in Silicon Valley.
With cryptocurrency lobbying heating up and Wall Street banks jumping on the bandwagon on behalf of the industry, it might make sense for Harris to publicly support Bitcoin ahead of a tough presidential campaign.
Or she could pursue the same policies as Biden and leave cryptocurrencies alone.
