What Biden’s presidential nomination means for the crypto market

As President Joe Biden secured the Democratic presidential nomination, the cryptocurrency markets are on high alert, anticipating the potential implications for the upcoming elections. 

According to Bloomberg, “Biden clinched the nomination on 12 March” after securing a significant number of delegates. 

His victory was further solidified with a primary win in Georgia, where he narrowly emerged victorious in the 2020 general election.

To celebrate his victory, Biden took to X (formerly Twitter) on 13th March and remarked,

“Time and again, Republicans show they’re a party of chaos and division.” 

A strange coincidence 

This coincided with Donald Trump’s reemergence in the presidential race. Trump’s return raised hopes among crypto enthusiasts for relaxed regulations. 

However, Biden’s administration drew criticism from the crypto community, particularly due to granting the EIA authority to monitor energy consumption during crypto mining. 

Remarking on the same, Pierre Rochard, Riot Platforms’ VP of Research, posted,

“Biden’s 2025 budget is very bullish on Bitcoin, the White House expects $250k by 2035. They are counting on it for their tax revenues!”

However, billionaire investor Anthony Scaramucci underscored the importance of maintaining democratic institutions and the rule of law, and noted,

“I tell Bitcoiners you are at risk if you get somebody that wants to destroy the institutions of the democracy, separation of powers in the constitution.”

He further criticized Trump, and stated, 

“A silent majority helped Trump win in 2016. Today, a much bigger silent majority of patriots wants to defeat him.” 

It’s impact on U.S. elections  

Cryptocurrency supporters are pushing for better understanding and favorable legislation from lawmakers. According to Forbes, one in five Americans currently owns digital assets, totaling approximately 52 million individuals. 

This demographic holds considerable sway and could significantly influence the outcome of the U.S. presidential election. Consequently, any government aspiring to secure electoral victory would likely need to garner support from Bitcoin enthusiasts.