If Biden recommends candidate Harris to support cryptocurrency, Trump will have no chance of winning

After weeks of anticipation, President Joe Biden has announced his decision to withdraw from the re-election race against Donald Trump, endorsing Vice-President Kamala Harris to take his place.

Democratic Party Uncertainty

Biden's withdrawal raises questions about the Democratic Party's strategy. While Harris has been endorsed by key figures like Hillary Clinton, the party may consider other candidates, such as California Governor Gavin Newsom.

Crypto Industry Concerns

Arthur Hayes, BitMEX founder, suggests that if Democrats choose someone other than Harris, Trump's chances might diminish, impacting the crypto industry's support for Trump. The industry's lobbying efforts could be wasted if Trump loses.

Harris's Crypto Stance

Harris has not publicly commented on cryptocurrency, despite her tech industry ties and employing Ryan Montoya, involved in Bitcoin adoption by the Sacramento Kings. Her stance on crypto remains unknown, while the Biden administration has been critical of the industry.

Harris and her husband have no cryptocurrency investments, favouring traditional assets like Treasury bonds.

Polymarket Election odds

On Polymarkets, Harris's chances against Trump are higher than Biden's, causing a drop in Trump's odds from 70% to 64%.

Harris's standing in Presidential Election Popular Vote Winner bets also surpasses Trump's by 1%.

Following Biden's announcement, Bitcoin's value increased from under $67,000 to over $68,000.