Joe Biden Drops Out of Presidential Race; Bitcoin Whale Donald Trump Calls for All BTC to Be Produced in the U.S.

• Joe Biden’s departure aligns with Trump’s strong Bitcoin support, hinting at a favorable regulatory environment for U.S. crypto companies under a potential Trump presidency.
• Trump advocates for all Bitcoin to be produced in the U.S., positioning it as a defense against central bank digital currencies, signaling major policy shifts affecting global crypto markets.

Under a potential second term of Donald Trump, the cryptocurrency sector could experience significant changes. As Joe Biden drops out of the presidential race, Bitcoin miners and crypto companies struggling to go public in the U.S. might benefit significantly if Donald Trump wins the presidency again. On the contrary, foreign companies may lose market share.

A blockchain researcher, Collin Brown, shared in his tweet that President Biden has dropped out of the presidential race, and Donald Trump has emerged as a strong supporter of Bitcoin and XRP. Brown expressed his optimism for the year.

Biden Drops Out of Presidential Race. Donald Trump Turns into a Massive #Bitcoin and #XRP Supporter! I Am Super Bullish for This Year! Retweet if You Agree! pic.twitter.com/O2a223phXX

— Collin Brown (@CollinBrownXRP) July 21, 2024

According to a source, former President Trump will be speaking at 2 p.m. CT (19:00 UTC) for 30 minutes on the last day of the conference, which runs from July 25-27. It is also worth noting that previously, it was stated that:

Trump met with Bitcoin miners in June and subsequently posted on his Truth Social account that Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”

As explained in today’s CNF YouTube video, Trump has shown increasing support for the industry, suggesting that U.S. crypto companies might benefit from a new regulatory environment if they adapt to upcoming regulations.

Furthermore, Trump’s platform includes strong support for Bitcoin mining in the U.S., viewing it as a critical defense against the introduction of a central bank digital currency (CBDC). As previously reported in the CNF report, Trump has taken a firm stance against CBDCs, aiming to prevent the digitization of the dollar and to preserve financial privacy.

Considerable focus is on the Initial Public Offerings (IPOs) within the crypto sector. Companies such as Circle, which had previously delayed their IPO plans, are now reevaluating their strategies, motivated by the prospect of a more supportive SEC under Trump. According to today’s Coin Market data, Bitcoin is trading at $67,423.31, having surged by 0.87% in the past day and 7.98% in the past week. See the BTC price chart below.

Crypto industry is watching closely on the approaching election, aware that a second Trump administration could greatly alter the landscape, encouraging growth and innovation in American crypto companies.