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As Bitcoin prepares for a daily close, it is eyeing a new low below $25,000. However, a last-minute development brought joy to the investors. The Miami mayor, who has frequently expressed his belief in Bitcoin, is now officially a US presidential candidate. As pro-crypto rhetoric becomes common among candidates, this latest step could make waves.
Crypto Coins
Miami Mayor Francis X. Suarez has applied for the US Presidency. Previously, Suarez had stated his desire for Miami to become a global crypto hub and revealed that he personally invested in crypto following the approval of the $1.9 trillion stimulus bill.
Today, Suarez filed with the Federal Election Commission as a Republican, thus challenging former President Donald Trump for his party’s nomination. Francis X. Suarez, a vocal advocate of cryptocurrencies since taking office in 2017, could help Republicans garner more support with his candidacy.
The only problem is that Trump is the favorite candidate. Recent polls show Trump leading his closest competitor by more than 30 points, and he is expected to run next year. Whether ongoing litigation will hinder this remains uncertain. Experts do not expect the case to be concluded until 2025.
US Elections and Crypto
In the election expected to take place in November of next year, the likelihood of Biden and Trump racing is high. Biden, who demands massive taxes for cryptocurrencies, lost significant support in the last year. Meanwhile, the accusations faced by Trump are perceived as a play to disqualify him from the race. Trump supporters believe that the recent espionage case was opened for the elections. We even saw dictator attributions starting to be made about Biden in Trump-friendly media.
The process of determining presidential candidates will be exciting due to all this ongoing chaos. While Trump and other Republican candidates have made moderate moves regarding cryptocurrencies, Suarez has been a name who never withheld his support from Bitcoin for years. His candidacy could start a more comfortable period for cryptocurrencies in the US.
