Joe Biden Officially Drops Out of Presidential Race

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.

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.

pic.twitter.com/RMIRvlSOYw

— Joe Biden (@JoeBiden) July 21, 2024

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.

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.

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