Biden withdraws from 2024 presidential race, backs Harris.
Harris’s odds rise to 32% on Polymarket; Trump’s at 66%.
Harris has not taken a clear stance on cryptocurrency.
Her tech background could influence future crypto policies.
Harris’s Crypto Ambiguity Amid Biden’s Exit
The political landscape took a sharp turn on July 22, 2024, when President Joe Biden announced he would not seek re-election and endorsed Vice President Kamala Harris as the Democratic candidate for the 2024 presidential election. This announcement shook the crypto market, with Bitcoin prices reacting notably. On the prediction market Polymarket, Harris’s chances of winning the presidential race jumped to 32%, while Trump’s dipped to 66%.
With Biden’s exit, the focus shifts to Harris and her policies, especially concerning the burgeoning crypto industry. Yet, Harris has remained largely silent on her stance regarding cryptocurrencies. This leaves the industry and investors speculating about her potential policies.
Tech-Savvy Yet Non-Committal on Crypto
While Harris has not openly declared her position on cryptocurrencies, her background offers some hints. During the 2020 election, she brought Ryan Montoya, former CTO of the Sacramento Kings, into her team as the director of scheduling. Under Montoya, the Kings embraced Bitcoin, mined Ethereum, and launched NFTs, showcasing a progressive stance on digital currencies.
However, Harris’s financial disclosures reveal no direct investments in cryptocurrencies by her or her husband, Douglas Emhoff. Their portfolio leans towards traditional investments like U.S. Treasuries and emerging markets, signaling a cautious approach to crypto investments.
Her connections to the tech industry, especially in San Francisco, have positioned her as a favorable candidate for Silicon Valley. This relationship might influence her to adopt a more supportive stance on crypto. Yet, it’s equally possible that Harris could maintain Biden’s cautious and regulatory-heavy approach towards the industry.
The Rise of the Kamala Horris Meme Coin
Amidst the political shifts, a meme coin named Kamala Horris has surged in popularity. According to Coingecko, this coin has seen a 600% increase in the past week and a staggering 1,500% rise over the last month. This phenomenon reflects the crypto community’s keen interest in Harris’s potential impact on the market.
With increasing lobbying from the crypto industry and involvement from Wall Street banks, Harris might find herself pressured to clarify her stance. As the presidential election approaches, the crypto world remains on edge, eager to see if Harris will champion Bitcoin or follow Biden’s footsteps in regulating the industry tightly.
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