Big news! Biden announced his withdrawal from the 2024 presidential election. Bitcoin broke through $68,000 and will become the new favorite of the US Treasury?
Just last night, US President Biden announced the end of his re-election campaign, mainly because his Democratic colleagues lost confidence in his mental acuity and ability to defeat Trump. After Biden announced his withdrawal, Bitcoin first fell to $65,779, and then began to rebound to $68,073 per coin.
Such a reaction in the crypto market is actually optimistic about Trump's election. After all, he is very supportive of cryptocurrencies and claims to turn Bitcoin into a reserve asset for the US Treasury.
In addition, there are reports that Trump will deliver a 30-minute speech at the Bitcoin 2024 conference at the end of this month. This speech will announce a series of milestones, including Bitcoin as a strategic reserve asset for the United States.
Trump's deputy JD Vance is also a staunch supporter of Bitcoin, and his own holdings are also disclosed in Bitcoin. Although cryptocurrency is a niche circle in the United States, only 7% of Americans hold crypto assets in 2023. However, the voting intention of this small circle of people will almost only look at the candidate's policy stance on cryptocurrency.
So, for this group of people, Trump's embrace of cryptocurrency is a positive signal.