Biden withdrawal sends Bitcoin lower as Harris-themed memecoin surges 76%
US President Joe Biden sent shockwaves through markets as he announced he will not run again for another four years in the White House.
“It is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden said in a statement.
The president threw his support behind his Vice President Kamala Harris as his replacement.
“I will speak to the nation later this week in more detail about my decision,” he said.
Bitcoin dropped 2.3% to as low as $65,885 on the news in thin weekend trading, before recovering. It hovers at around $67,002 at about 7:45 pm in London.
Doland Tremp, a memecoin based on candidate Donald Trump, soared 30% to about 55 cents. Jeo Boden, a play on the president’s name, plunged 52% to about one cent. A token dubbed Kamala Horris skyrocketed 76%.
Trump has emerged as a crypto-friendly candidate this year as Gary Gensler’s Securities and Exchange Commission cracks down on the industry.
But Harris’ stance is harder to suss out. She has never taken an official stance towards crypto or commented on the industry.
Growing role
However, she has strong ties to the technology industry.
Political memecoins highlight the growing role of crypto in elections, with industry insiders betting on the outcome of the November vote to catapult Bitcoin to new heights.
The industry has poured millions into swaying politicos in Washington. It seems to be working — politicians are warming to crypto and Congress has voted through sweeping pro-crypto policies.
