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Former Blockchain Association lawyer Jake Chervinsky said that Biden’s exit from the Presidential race provides big opportunity for the Dems to win pro-crypto votes.
On Sunday, July 21, President Joe Biden decided to withdraw from the upcoming presidential race with Bitcoin (BTC) and the broader crypto market seeing an upside. Bitcoin (BTC) price surged to its one-month high moving all the way to $68,000 over the weekend.
Crypto traders have turned bullish following yesterday’s development. With Kamala Harris likely to replace Joe Biden, analysts are predicting what incentives it could bring for the crypto community. But despite this change, some analysts only want Donald Trump to return in order to boost the crypto market prospects.
Analysts believe that the crypto market would be a lot more investible under the Trump administration. Tony Sycamore, market analyst at IG Australia Pty said:
“The move higher is a reflection in the market’s eyes that the Democrats under Kamala Harris cannot overtake Trump in the race for the White House and that a new dawn is emerging for Bitcoin under a pro-crypto US President.”
Later this week on July 27, President Donald Trump will be speaking at the Bitcoin conference in Nashville. The Republican presidential candidate will also host a fundraiser immediately following the conference, with prospective attendees being asked to contribute $844,600 per seat.
Can Democrats Woo Back Crypto Voters
With President Joe Biden stepping out of the presidential race, some market analysts believe that Democrats have a good chance to woo back crypto voters. Variant Fund Chief Legal Officer and former Blockchain Association lawyer Jake Chervinsky stated in a July 22 post on X that this development presents a “huge opportunity” for the party, which has been largely anti-crypto under Biden, to “win back a big share of the crypto vote”. He added:
“This should be top priority for the new nominee in an election that will be won on the margins in states where crypto is a live issue.”
Besides, Chervinsky stated that thousands of crypto supporters are “single-issue voters” who would tip this election in states like Pennsylvania and Michigan. However, Chervinsky noted that crypto is not inherently a partisan issue. There are Democrats who support it, many of whom are left-leaning but feel conflicted due to the Biden administration’s anti-crypto policies.
The lawyer has provided a few more recommendations for the new candidate to woo back the crypto voters. This includes recognizing the importance of crypto for the US economy, proposing balanced policies for innovation and consumer protection, and bringing crypto-friendly candidates for agencies like the SEC and the CFTC.
