Cryptomarket reacts positively to possible Harris US presidential candidacy
The crypto market has reacted positively to the news that Joe Biden has dropping out of the race for the US presidency with vice president Kamela Harris his possible successor in the campaign. The Biden administration had taken a very different stance on crypto than Donald Trump, who believs that the US should be leading in digital, decentralised currencies.
The price of Boden, a meme coin that mocks the president, fell by nearly half in value and Kama, a ‘Harris coin’, doubled in price.
Meanwhile, Tremp, a similar coin pointing at Trump, rose more than 20%. Folowing Biden’s announcement, Bitcoin initially dropped below $66,000. At time of writing its value has bounced back slightly to $67,440.80.
The big question is how Harris will deal with Big Tech. She was San Francisco’s district attorney, and California’s attorney general, before being elected to the Senate in 2016.
Tech venture capitalists John Doerr and Ron Conway backed her in the past, as did LinkedIn co-founder Reid Hoffman. ON the other hand trump has secured the support of Marc Andreessen and Ben Horowitz over the Biden administration’s plans to regulate AI.
Harris has often criticised major social networks for spreading disinformation. She said companies like Amazon, Google and Facebook do not need to be broken up. Instead, she said they should be “regulated in such a way that we can make sure that American consumers can be sure that their privacy is not compromised”. She also, like Trump, does not appear to have any intention of banning TikTok, despite a law forcing owner ByteDance to sell its US interests.
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