Mike Bloomberg has officially dropped out of the race to become the 46th president of the U.S. His announcement came a few hours ago where he also confirmed he was backing Bernie Sanders. After the crypto-friendly Andrew Young dropped out of the race a few months ago, Bloomberg seemed to carry the torch as he made crypto a key part of his campaign. He promised that he would set better regulations once in office.
Bloomberg Was A Short And Sweet Consolation Prize
Bloomberg’s campaign has been short-lived. But as reported by Forbes, despite its shortness, it has cost the entrepreneur around $500 million.
Mini Mike Bloomberg just “quit” the race for President. I could have told him long ago that he didn’t have what it takes, and he would have saved himself a billion dollars, the real cost. Now he will pour money into Sleepy Joe’s campaign, hoping to save face. It won’t work!
— Donald J. Trump (@realDonaldTrump) March 4, 2020
His decision to support crypto was argued to be a mimick to woe Yang’s supporters. Unlike Andrew Yang who was open to supporting new technology like cryptocurrencies from the start, Bloomberg came out late and only after Yang dropped out.
It was clear that Bloomberg was only pulling this card to push his support base. The crypto community did not seem to mind this. If he went on to win, the benefits were immense.
In the democratic ticket, there now remains three, Elizabeth Warren, Bernie Sanders, and Joe Biden. All three are old school and none is likely to push for any crypto-friendly laws.
Just recently, Warren announced that in her plan to fight the Coronavirus, she would enact a $400 billion fiscal stimulus package.
The Federal Reserve alone can't solve the economic and public health problems that coronavirus poses. I'm calling on Congress to act now to ensure everyone gets care for free, pass an emergency paid leave program, and enact at least a $400 billion fiscal stimulus package. https://t.co/tIwt45ZLko
— Elizabeth Warren (@ewarren) March 3, 2020
On the other side is in office President Donald Trump who has publicly stated that he doesn’t like Bitcoin.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
In the wake of recent interest cuts, he has been quick to call for more cuts. So it’s clear that crypto no longer has a contender. Both Andrew Yang and Bloomberg, if elected were expected to push for better adoption and regulation.
For now, at least, we can expect further confusion around ICOs, KYCs, and trading. Currently, regulation is handled state by state instead of nationally. This was one of Andrew Yang’s promise, making regulations nationwide.
Bloomberg was a nice consolation for the crypto community after losing their darling, Andrew Yang. Now, even the consolation is gone. By all indication, the masses were not ready for these leaders’ visions.
The crypto community is however unphased. There’s simply too much going on to boost crypto adoption and regulation to be shaken by Bloomberg dropping.