On Sunday, July 21, U. S. President Joe Biden revealed his withdrawal from the next presidential race with the Republican candidate, Donald Trump.
The Democratic Party has not yet chosen the successor of Biden, which leads to speculations and actions of various political and market subjects. Ripple CTO David Schwartz shared the view that the next Democratic nominee will be positive towards cryptocurrencies, which will open the doors for the cryptocurrency community voters.
Schwartz’s View on the Democratic Change
David Schwartz, CTO of Ripple, expressed his opinion on social media platform X noting that it could be beneficial for the Democrats if Biden left the party. To this, Schwartz opined that there were no such thing as Biden voters but rather voters against Trump. He thinks that this change enables the Democratic Party to focus on the pro-crypto stance with out seems like copying trump’s moves.
Dems will lose no votes replacing Biden. There were no Biden voters, just anti-Trump voters. Now they can attract voters concerned about Biden's ability to serve a second term. They can also now credibly pivot on crypto policy. This makes sense, there are no anti-crypto voters.
— David "JoelKatz" Schwartz (@JoelKatz) July 21, 2024
Schwartz remarked,
“No, he certainly wasn’t. But there was no credible way to pivot with the same person at the top. It would look like they are simply mimicking Trump. The play that the party needs to make at the moment is on how they can distinguish the new candidate from Biden in a way that the new candidate will be able to gain more voters.”
Speculations on Kamala Harris’s Potential Presidency
Kamala Harris the current Vice President of America is expected to be the next president after Joe Biden. However, former Congresswoman Tulsi Gabbard and other people in the political field opine that policy alteration may not be anchored on a change in leadership.
Gabbard in a post on X said,
“Biden’s out, Kamala is in. Don’t be fooled: The policies will not change and just as Biden was not the one giving orders, Kamala Harris will not be either. She is a new puppet for the deep state and the hired hand of Hillary Clinton the queen of the shadow government warmongers. They will persist in their endeavors to drag the globe into war and to strip us of our freedoms.”
Market influencers, including Elon Musk, have also shared their opinion about future Kamala Harris’s presidency, which is also ambivalent and cautious, especially in relation to the regulation of cryptocurrencies.
Imagine 4 years of this … https://t.co/gFwWAv15Qx
— Elon Musk (@elonmusk) July 22, 2024
Crypto Market Reactions
Nonetheless, the political situation has not affected Bitcoin and the entire cryptocurrency market badly. This has led to the crypto investors willing to invest in crypto if the democratic nominee is pro-crypto. Such trends indicate that investors are betting on improving future regulation and policy of the United States concerning digital assets.
Schwartz also still believes that the Democratic Party can take this as a wake-up call and come closer to the crypto-world. His utterance gives a clear hint that there might be a strategic move that could change the direction of the party on the issue of digital currencies.
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