How Kamala Harris’ nomination could impact your crypto holdings

• Biden withdraws from the 2024 race and endorses Kamala Harris as the Democratic nominee.
• Kamala Harris-themed memecoin surges but Trump leads Polymarket election trends with 64% votes.

Amidst growing speculation about former President Donald Trump’s rising chances in the upcoming election, President Joe Biden has made an unexpected announcement.

Biden steps down

In a recent post on X, Biden addressed the nation, revealing his decision to withdraw from the 2024 presidential race.

This surprising move has sent shockwaves throughout the nation prompting widespread discussion and analysis. 

“I believe 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.”  

Following President Biden’s unexpected announcement, Vice President Kamala Harris has emerged as the leading contender to succeed him.

Biden has already endorsed Harris, solidifying her position as the front-runner in the race for the Democratic nomination.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”  

Crypto voter’s stance unchanged

However, this development may not sway the opinions of crypto voters, as Harris, despite her tech-friendly image and ties to Silicon Valley, does not possess any digital assets, according to her 2023 White House financial disclosure.

So, if she chooses to dismiss cryptocurrency entirely, Harris could attract anti-crypto supporters to her campaign.

That being said, this stance would set her apart from other candidates and attract voters who are cautious about digital currencies.

Remarking on the same Isaac Boltansky, director of policy research at BTIG noted,

“A Harris presidency would be, for all intents and purposes, a continuation of the Biden administration.” 

Impact on the memecoin and prediction market

Meanwhile, the Kamala Harris-themed memecoin, Kamala Horris [KAMA], experienced a remarkable surge of over 72% in the past 24 hours.

In contrast, Jeo Boden [BODEN] saw a significant decline of 56%, while Doland Tremp [TRUMP] increased modestly by 2.5% during the same period. 

However, the Polymarket trend on the “Presidential Election Winner 2024” showed Harris moving up to second place, while Trump remained the frontrunner with 64% of the votes.

Source: Polymarket