Will Kamala Harris Embrace Crypto? Democrats’ 2024 Election Challenge
Joseph Robinette Biden, the President of the United States of America, is well known for his staunch stance on cryptocurrencies. However, recently, Biden became a focal point of criticism after a poor performance in his debate against Trump, leading even some Democrats to lose faith in him.
In a post on X yesterday, the 46th president of the United States, Joseph Robinette Biden Jr., withdrew his Presidential Nomination, forfeiting his chances of extending his term as the head of state.
Kamala Harris’s Stance on Crypto and 2024 Election Dynamics
It is settled: Donald J. Trump has secured the Republican presidential nomination. Meanwhile, the Democrats have yet to select their candidate. In a recent announcement, Joe Biden endorsed Kamala Harris, stating, “Today, I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats—it’s time to come together and beat Trump.”
The crypto coalition has emerged as a significant factor in the 2024 elections. Organizations like the Super Crypto PAC and prominent figures such as the Winklevoss Twins, Elon Musk, and others have contributed to candidates who support cryptocurrencies or acknowledge their potential positive impact on the market.
The Republican position on crypto is well-defined: Trump is pro-crypto, and his VP, JD Vance, owns Bitcoin. The crypto community has lobbied and contributed to Trump’s campaign, with Trump promising to “Make America Great Again” and establish the US as the leading global crypto hub.
As for the Democrats, the question remains whether they can capture the crypto industry with Kamala Harris at the helm. Currently, Kamala has expressed little on digital currencies compared to Biden, who was vocal about them. Reports from Capitol Hill suggest that Kamala may continue the Biden administration’s approach, which has been described as a “crypto chokehold.”
Additionally, Kamala has voiced concerns about AI, despite her connections with technology industry elites. Following Biden’s endorsement, memecoins linked to Kamala have surged.
Political betting on Polymarket has also seen increased activity. Bets on the ‘Presidential Election Winner 2024’ give Kamala a 29% chance of winning the presidency, while her odds of being the ‘Democratic Nominee 2024’ stand at 81%, with Michelle Obama trailing at 9%.
