Former Blockchain Association Attorney Jake Chervinsky Says Biden’s Withdrawal from the Presidential Race Provides Democrats with a Huge Opportunity to Win Back Pro-Crypto Votes.
On Sunday, July 21, amid a rally in Bitcoin (BTC) and the broader cryptocurrency market, President Joe Biden’s decision to withdraw from the upcoming presidential race came amid a rally in Bitcoin (BTC) and the broader cryptocurrency market. Bitcoin (BTC) prices surged to a one-month high over the weekend, rising all the way to $68,000.
Crypto traders turned bullish following yesterday’s developments. With Kamala Harris likely to replace Joe Biden, analysts are predicting what incentives this will bring to the cryptocurrency community. But despite this change, some analysts only want Donald Trump to return to boost the outlook for the cryptocurrency market.
With President Joe Biden’s withdrawal from the presidential race, some market analysts see a good chance for the Democratic Party to win back the support of crypto voters. Variant Fund Chief Legal Officer and former Blockchain Association Attorney Jake Chervinsky said in a July 22 X post that the development provides a “huge opportunity” for the Democratic Party, which has been anti-cryptocurrency during the Biden administration, to “win back a significant number of crypto votes.”
Analysts believe that the investment value of the cryptocurrency market will be greatly enhanced under the leadership of the Trump administration.
With President Joe Biden withdrawing from the presidential race, some market analysts believe that the Democratic Party has a good chance of regaining the support of cryptocurrency voters.
In addition, Chervinsky said that thousands of cryptocurrency supporters are "single-issue voters" who will have a decisive influence in elections in states such as Pennsylvania and Michigan. However, Chervinsky pointed out that cryptocurrency is not essentially a partisan issue. There are Democrats who support it, many of whom are left-wing, but feel conflicted by the Biden administration's anti-cryptocurrency policies.
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