Joe Biden Officially Drops Out of Presidential Race

Godfrey Benjamin
July 21, 2024 Updated July 22, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Joe Biden Official Drops Out of Presidential Race

Highlights

  • President Joe Biden officially announced his withdrawal from presidential race.
  • Hillary Clinton, and Vice President Kamala Harris are among the top picks for the lead role.
  • BitMEX CEO Arthur Hayes says Kamala Harris Is tough competition for Trump

President Joe Biden has officially announced he will not be seeking re-election, confirming weeks of speculation. The United States political arena has been thrown into a frenzy lately as many Democrat leaders have reportedly pulled support from Joe Biden. The President has thrown his weight behind VP  Kamala Harris to succeed as the democratic candidate.

Advertisement
Advertisement

The Joe Biden Legacy

A lot has changed for the 46th President of the United States in 3 and a half years. Joe Biden entered the White House after beating Donald Trump in a highly controversial election. However, from that time until now, the health status of the president has deteriorated. This has fueled concerns on his suitability for the lead role.

However, the election debate he had with Donald Trump recently served as the straw that broke the Camel’s back. The performance which many considered as poor sent a jitter to the Democrat’s camp. While he did not ascertain the main reasons for pulling back, the crypto world has picked the news with keen interest.

It is worth noting that Biden’s announcement aligned with Mike Novogratz’s earlier prediction. On Friday, the CEO of Galaxy Digital predicted that the President of the United States was going to drop from the race within 72 hours.

Advertisement
Advertisement

Biden Endorses Vice President Harris as Democrat Nominee

Explicitly, the speculations on the potential successor came up during conversations about Biden stepping down as the Democrats nominee. Hillary Clinton, and Vice President Kamala Harris were among the top picks for the lead role. Precisely, one opinion writer claimed that Clinton’s resume, knowledge and past depth of experience are perceived as tools that she could use to transform the American economy.

To give credence to his argument, he cited her time as the United States Secretary of State and U.S. Senator to first lady and Children’s Defense Fund attorney. To the disappointment of many, Biden has endorsed his Vice President Harris to succeed him as the Democrats nominee in the U.S. 2024 presidential race.

Notably, BitMEX CEO Arthur Hayes has earlier suggested that having Harris as a replacement for Biden would translate to tough competition for Trump. In his opinion, the odds of the Republican nominee winning this election may start to see a gradual decline. Meanwhile, many people do not agree with him on this. They think nothing would stand in the way of Trump becoming president of the U.S.

Crypto enthusiasts remain resolute on potential pro-industry regulations after the elections on the momentum garnered so far. Biden decline from the race led to many pro-crypto tweets after the administration “went to war” with the market following the Securities and Exchange Commission (SEC) filing unending lawsuits against digital asset firms.

The endorsement of Harris by President Biden is not final, the party will still decide who runs in the coming weeks.

Read More: Avalanche Price Analysis Signals $40 Rally As Buyers Break 60-Day Correction

 

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.