ALBAWABA – Bitcoin, the digital cryptocurrency, hits a high record by jumping to $68,000 amid the withdrawal of US President Joe Biden from the current US presidential elections race. Bitcoin prices also peaked as Donald Trump, who is known to be a big crypto supporter, is getting closer to winning the presidency of America by the minute.
Biden’s withdrawal and Bitcoin prices
US President Joe Biden decided to withdraw from the US presidential elections on Sunday, after his Democratic supports lost confidence in his physical and mental abilities. The upcoming US presidential elections will take place on November 2024 and reports show that Donald Trump and his Republican party will most probably win.
Bitcoin is hitting high records after Joe Biden withdrawn the US elections race (Shutterstock)
Biden's withdrawal showed an immediate and constant peak of Bitcoin and cryptocurrencies overall. Experts are predicting Trump will be winning the elections, the latter is a big supporter of Bitcoin and cryptocurrencies as he announced in a recent speech he made at 2024 Libertarian National Convention.
Trump’s support for Bitcoin and Cryptocurrencies
Trump stressed on the importance of Bitcoin and how the US will influence the growth and support of digital currencies. He also promised during the speech to commute the sentence of Silk Road Founder, Ross Ulbricht, if he is elected US president. Ulbricht is serving a life sentence for creating a cryptocurrency trading market.
It is also worth mentioning that Trump begun accepting cryptocurrencies donations in various forms including Bitcoin, Ethereum, Dogecoin, and MAGA “Make America Great Again,” a meme coin inspired by Donald Trump.
Conversely, Trump was known for criticizing cryptocurrencies during his presidency era. Trump publicly expressed his rejection of cryptocurrencies many times, as he believed digital currencies are not real money and it might be used to facilitate illegal acts. Before supporting Bitcoin and Cryptocurrencies, Trump advocated for setting many rules and laws to monitor the trading.
