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Biden ends faltering reelection campaign, backs Harris as replacement

Update Biden ends faltering reelection campaign, backs Harris as replacement
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Updated 22 July 2024

Biden ends faltering reelection campaign, backs Harris as replacement

Biden ends faltering reelection campaign, backs Harris as replacement
  • Will remain in his role as president and commander-in-chief until his term ends in January 2025
  • Biden campaign on the ropes since disastrous June 27 debate against former President Trump

WASHINGTON DC: US President Joe Biden dropped his faltering reelection bid on Sunday, amid intensifying opposition within his own Democratic Party, and endorsed Vice President Kamala Harris to replace him as the party’s candidate against Republican Donald Trump.
Biden, 81, in a post on X, said he will remain in his role as president and commander-in-chief until his term ends in January 2025 and will address the nation this week.
“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.

His initial statement had not included an endorsement of Harris, but he followed up a few minutes later with an expression of support.
Biden’s campaign had been on the ropes since a disastrous June 27 debate against former President Trump, 78, in which the incumbent at times struggled to finish his thoughts.
Opposition from within Biden’s party gained steam over the past week with 36 congressional Democrats — more than one in eight members of the caucus — publicly calling on him to end his campaign.
Lawmakers said they feared he could cost them not only the White House but also the chance to control either chamber of Congress in the Nov. 5 election, leaving Democrats with no meaningful grasp on power.
That stood in sharp contrast to what played out in the Republican Party last week, when members united around Trump and his running mate US Senator J.D. Vance, 39.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Harris, 59, would become the first Black woman to run at the top of a major-party ticket in the country’s history.
Trump told CNN on Sunday that he believed Harris would be easier to defeat.
Biden had a last-minute change of heart, said a source familiar with the matter. The president told allies that as of Saturday night he planned to stay in the race before changing his mind on Sunday afternoon.
“Last night the message was proceed with everything, full speed ahead,” the source told Reuters, speaking on condition of anonymity. “At around 1:45 p.m. today: the president told his senior team that he had changed his mind.”
Biden announced his decision on social media within minutes.
It was unclear whether other senior Democrats would challenge Harris for the party’s nomination — she was widely seen as the pick for many party officials — or whether the party itself would choose to open the field for nominations.
Congressional Republicans argued that Biden should resign the office immediately, which would turn the White House over to Harris and put House of Representatives Speaker Mike Johnson, a Republican, next in line in succession.
“If he’s incapable of running for president, how is he capable of governing right now? I mean, there is five months left in this administration. It’s a real concern, and it’s a danger to the country,” Johnson told CNN on Sunday before Biden’s announcement.

GAVE IT MY ALL
Biden’s announcement follows a wave of public and private pressure from Democratic lawmakers and party officials to quit the race after his shockingly poor debate.
His troubles took the public spotlight away from Trump’s performance, in which he made a string of false statements, and trained it instead on questions surrounding Biden’s fitness for another 4-year term.
Days later he raised fresh concerns in an interview, shrugging off Democrats’ worries and a widening gap in opinion polls, and saying he would be fine losing to Trump if he knew he’d “gave it my all.”
His gaffes at a NATO summit — invoking Russian President Vladimir Putin’s name when he meant Ukrainian President Volodymyr Zelensky and calling Harris “Vice President Trump” -further stoked anxieties.
Only four days before Sunday’s announcement, Biden was diagnosed with COVID-19, forcing him to cut short a campaign trip to Las Vegas. More than one in 10 congressional Democrats had called publicly for him to quit the race.
Biden’s historic move — the first sitting president to give up his party’s nomination for reelection since President Lyndon Johnson during the Vietnam War in March 1968 — leaves his replacement with less than four months to wage a campaign.

If Harris emerges as the nominee, the move would represent an unprecedented gamble by the Democratic Party: its first Black and Asian American woman to run for the White House in a country that has elected one Black president and never a woman president in more than two centuries.
Biden was the oldest US president ever elected when he beat Trump in 2020. During that campaign, Biden described himself as a bridge to the next generation of Democratic leaders. Some interpreted that to mean he would serve one term, a transitional figure who beat Trump and brought his party back to power.
But he set his sights on a second term in the belief that he was the only Democrat who could beat Trump again amid questions about Harris’s experience and popularity. In recent times, though, his advanced age began to show through more. His gait became stilted and his childhood stutter occasionally returned.
His team had hoped a strong performance at the June 27 debate would ease concerns over his age. It did the opposite: a Reuters/Ipsos poll after the debate showed that about 40 percent of Democrats thought he should quit the race.
Donors began to revolt and supporters of Harris began to coalesce around her. Top Democrats, including former House of Representatives Speaker Nancy Pelosi, a longtime ally, told Biden he cannot win the election.
Biden initially resisted pressure to step aside. He held damage-control calls and meetings with lawmakers and state governors, and sat for rare television interviews. But it was not enough. Polls showed Trump’s lead in key battleground states widening, and Democrats began to fear a wipeout in the House and Senate. On July 17, California’s Rep. Adam Schiff called on him to exit the race.
Biden’s departure sets up a stark new contrast, between the Democrats’ presumptive new nominee, Harris, a former prosecutor, and Trump who is two decades her senior and faces two outstanding criminal prosecutions related to his attempts to overturn the 2020 election result. He is due to be sentenced in New York in September on a conviction for trying to cover up a hush-money payment to a porn star.

BIDEN STRUGGLED BEFORE DEBATE
Earlier this year, facing little opposition, Biden easily won the Democratic primary race to pick its presidential candidate, despite voter concerns about his age and health.
His staunch support for Israel’s military campaign in Gaza eroded support among some in his own party, particularly young, progressive Democrats and voters of color, who make up an essential part of the Democratic base.
Many Black voters say Biden has not done enough for them, and enthusiasm among Democrats overall for a second Biden term had been low. Even before the debate with Trump, Biden was trailing the Republican in some national polls and in the battleground states he would have needed to win to prevail on Nov. 5.
Harris was tasked with reaching out to those voters in recent months.
During the primary race, Biden accumulated more than 3,600 delegates to the Democratic National Convention to be held in Chicago in August. That was almost double the 1,976 needed to win the party’s nomination.
Unless the Democratic Party changes the rules, delegates pledged to Biden would enter the convention “uncommitted,” leaving them to vote on his successor.
Democrats also have a system of “superdelegates,” unpledged senior party officials and elected leaders whose support is limited on the first ballot but who could play a decisive role in subsequent rounds.
Biden beat Trump in 2020 by winning in the key battleground states, including tight races in Pennsylvania and Georgia. At a national level, he bested Trump by more than 7 million votes, capturing 51.3 percent of the popular vote to Trump’s 46.8 percent.


Dutch ruling coalition narrowly survives fallout of Ajax-Maccabi Tel Aviv football violence

Dutch ruling coalition narrowly survives fallout of Ajax-Maccabi Tel Aviv football violence
Updated 26 sec ago

Dutch ruling coalition narrowly survives fallout of Ajax-Maccabi Tel Aviv football violence

Dutch ruling coalition narrowly survives fallout of Ajax-Maccabi Tel Aviv football violence
  • Coalition faced threat of collapse as Deputy Finance Minister Nora Achahbar resigned on Friday from the cabinet, prompting fears that other members of NSC party would follow suit
  • Achahbar, who is of Moroccan descent, claimed racist statements were made as the Cabinet discussed political fallout of last week’s Ajax-Maccabi Tel Aviv football violence

THE HAGUE: Dutch Prime Minister Dick Schoof’s right-wing government averted a crisis Friday when a junior minister resigned over alleged racist comments by cabinet colleagues, but the coalition government will remain in place.
Deputy Finance Minister Nora Achahbar handed in her resignation late Friday, as the Netherlands grapples with the political fallout of last week’s attacks on Israeli football fans.
Her departure prompted speculation that other members of NSC party — a junior partner in the four-party Dutch coalition government — would follow suit.
But late Friday, Schoof told journalists at a press conference that party leaders decided to continue to work together, averting the potential fall of his not yet five-month-old government.
“Nora Achahbar has decided not to continue as Deputy Minister,” the premier said.
“But as the cabinet we decided to continue together,” Schoof said after a five-hour emergency meeting with his coalition partners at his official residence in The Hague.

Deputy Finance Minister Nora Achahbar resigned from the Dutch Cabinet on Friday, claming racist statements were made in a heated meeting. (X: @walterdewit)

Achahbar, who is of Moroccan descent, decided to exit the government after a heated cabinet meeting discussing last week’s violence on the streets of Amsterdam after a football match between local club Ajax and Maccabi Tel Aviv.
“The polarizing interactions of the past weeks made such an impact on me that I am no longer able to effectively carry out my duties as deputy minister,” Achahbar said in her resignation letter to parliament on Friday.
The junior minister’s resignation came “unexpectedly and impacted me and other cabinet members,” Prime Minister Schoof said, adding “there has never been any racism in my government or in the coalition parties.”

The Dutch government officially announced Achahbar’s resignation in a statement late Friday.
“The King, on the recommendation of the Prime Minister, granted this resignation in the most honorable manner,” the government statement said.
On Monday, during the cabinet meeting to discuss the attacks, “things reportedly got heated, and in Achahbar’s opinion racist statements were made,” the NOS public broadcaster said.
“Achahbar reportedly indicated then that she, as a minister, had objections to certain language used by her colleagues,” NOS added.
Coalition party leaders gathered in The Hague for an emergency session on Friday evening to discuss the current crisis, with NSC acting leader Nicolien van Vroonhoven saying beforehand “we will see” if her party wanted to continue in the government coalition.
Far-right leader Geert Wilders’s Freedom Party won the most seats in Dutch elections a year ago, but the coalition it formed would lose its majority if the NSC pulled out of the government.
The ruling coalition led by Schoof has 88 seats in parliament between the NSC, the Freedom Party (PVV), the Liberal VVD and farmer-friendly BBB party.

The political turbulence was set in motion after Maccabi fans were chased and beaten on November 7 in attacks that Schoof said were prompted by “unadulterated anti-Semitism.”
Far-right leader Wilders said during a debate on Wednesday that the perpetrators of the violence were “all Muslims” and “for the most part Moroccans.”
He called for the attackers to be prosecuted “for terrorism.”
Dutch authorities however also reported that Maccabi fans set fire to a Palestinian flag before the match, chanted anti-Arab slurs and vandalized a taxi.
Police launched a massive probe into the incident which Dutch Justice Minister David van Weel said was “racing ahead,” although much still remained unclear about the night’s events.
The violence struck amid heightened tensions and polarization in Europe following a rise in anti-Semitic, anti-Israeli and Islamophobic attacks since the start of the war in Gaza.
But the Dutch government late Thursday said it needed “more time” to flesh out a strategy to fight anti-Semitism.
 


Argentina orders 61 Brazilians arrested over 2023 Brasilia coup attempt

Argentina orders 61 Brazilians arrested over 2023 Brasilia coup attempt
Updated 54 min 44 sec ago

Argentina orders 61 Brazilians arrested over 2023 Brasilia coup attempt

Argentina orders 61 Brazilians arrested over 2023 Brasilia coup attempt
  • Brazil’s Supreme Court has requested Argentina to round up the Brazilian nationals in Argentina, who are subject to an extradition request and have been sentenced to prison term

BUENOS AIRES: Argentina’s justice system has ordered the arrest of 61 Brazilians in the country who are facing prison sentences at home related to last year’s coup attempt in Brasilia, a judicial source told AFP on Friday.
The order, issued by Judge Daniel Rafecas, was requested by Brazil’s Supreme Court to round up the Brazilian nationals in Argentina, who are subject to an extradition request and have been sentenced to prison terms, the source said.
Brazilian police have arrested hundreds of suspects in the January 2023 attack by thousands of supporters of former far-right leader Jair Bolsonaro on the country’s presidential palace, Congress and the Supreme Court.
Claiming electoral fraud, they demanded the intervention of the armed forces to depose newly elected left-wing President Luiz Inacio Lula da Silva.
Brazil announced on June 10 that it had requested Argentina’s help in locating more than 140 fugitives linked to the assault.
“Two people have already been arrested,” the judicial source said Friday.
“Wherever they are identified or located in Argentina, they will be arrested and turned over to judicial authorities to begin the extradition process.”
In October, Argentina amended its refugee law so that people accused or convicted of crimes in their native countries would no longer be eligible.
 


Trump’s pick for defense chief had been flagged by fellow service member as possible ‘Insider Threat’

Trump’s pick for defense chief had been flagged by fellow service member as possible ‘Insider Threat’
Updated 16 November 2024

Trump’s pick for defense chief had been flagged by fellow service member as possible ‘Insider Threat’

Trump’s pick for defense chief had been flagged by fellow service member as possible ‘Insider Threat’
  • Pete Hegseth was flagged as a possible “Insider Threat” by a fellow service member due to a tattoo associated with white supremacist groups
  • He’s also shown support for members of the military accused of war crimes and criticized the military’s justice system

WASHINGTON: Pete Hegseth, the Army National Guard veteran and Fox News host nominated by Donald Trump to lead the Department of Defense, was flagged as a possible “Insider Threat” by a fellow service member due to a tattoo on his bicep that’s associated with white supremacist groups.
Hegseth, who has downplayed the role of military members and veterans in the Jan. 6, 2021, attack and railed against the Pentagon’s subsequent efforts to address extremism in the ranks, has said he was pulled by his District of Columbia National Guard unit from guarding Joe Biden’s January 2021 inauguration. He’s said he was unfairly identified as an extremist due to a cross tattoo on his chest.
This week, however, a fellow Guard member who was the unit’s security manager and on an anti-terrorism team at the time, shared with The Associated Press an email he sent to the unit’s leadership flagging a different tattoo reading “Deus Vult” that’s been used by white supremacists, concerned it was an indication of an “Insider Threat.”
If Hegseth assumes office, it would mean that someone who has said it’s a sham that extremism is a problem in the military would oversee a sprawling department whose leadership reacted with alarm when people in tactical gear stormed up the US Capitol steps on Jan. 6 in military-style stack formation. He’s also shown support for members of the military accused of war crimes and criticized the military’s justice system.
Hegseth and the Trump transition team did not respond to emails seeking comment.

Pete Hegseth attends FOX News All American New Year at Wildhorse Saloon on December 31, 2021 in Nashville, Tennessee. (Getty Images / AFP)

As the AP reported in an investigation published last month, more than 480 people with a military background were accused of ideologically driven extremist crimes from 2017 through 2023, including the more than 230 arrested in connection with the Jan. 6 insurrection, according to data collected and analyzed by the National Consortium for the Study of Terrorism and Responses to Terrorism, or START, at the University of Maryland. Though those numbers reflect a small fraction of those who have served honorably in the military — and Lloyd Austin, the current defense secretary, has said that extremism is not widespread in the US military — AP’s investigation found that plots involving people with military backgrounds were more likely to involve mass casualties.
‘People who love our country’
Since Jan. 6, Hegseth, like many Trump supporters, has minimized both the riot’s seriousness and the role of people with military training. Amid the widespread condemnation the day after the assault, Hegseth took a different approach. On a panel on Fox News, Hegseth portrayed the crowd as patriots, saying they “love freedom” and were “people who love our country” who had “been re-awoken to the reality of what the left has done” to their country.
Of the 14 people convicted in the Capitol attack of seditious conspiracy, the most serious charge resulting from Jan. 6, eight previously served in the military. While the majority of those with military backgrounds arrested after Jan. 6 were no longer serving, more than 20 were in the military at the time of the attack, according to START.
Hegseth wrote in his book “The War on Warriors,” published earlier this year, that just “a few” or “a handful” of active-duty soldiers and reservists had been at the Capitol that day. He did not address the hundreds of military veterans who were arrested and charged.
Hegseth has argued the Pentagon overreacted by taking steps to address extremism, and has taken leadership to task for the military’s efforts to remove people it deemed white supremacists and violent extremists from the ranks. Hegseth has written that the problem is “fake” and “manufactured” and characterized it as “peddling the lie of racism in the military.” He said efforts to root extremism out had pushed “rank-and-file patriots out of their formations.”
“America is less safe, and our generals simply do not care about the oath that they swore to uphold. The generals are too busy assessing how domestic ‘extremists’ wearing Carhartt jackets will usurp our ‘democracy’ with gate barriers or flagpoles,” he wrote in “The War on Warriors.”
In a segment on Fox News last year about Jacob Chansley, a Navy veteran known as the “QAnon Shaman” who walked through the Capitol while wearing a horned fur hat, Hegseth played a misleading video clip from his then-colleague Tucker Carlson that sought to portray Chansley as a passive sightseer.
In fact, Chansley was among the first rioters to enter the building and pleaded guilty to a felony charge of obstructing an official proceeding in 2021. Chansley acknowledged using a bullhorn to rile up the mob, offering thanks in a prayer while in the Senate chamber for having the chance to get rid of traitors and writing a threatening note to Vice President Mike Pence saying, “It’s Only A Matter of Time. Justice Is Coming!”
In a message on Facebook Hegseth posted with an excerpt of the video, he wrote the way Chansley had been treated by the justice system “is disgusting.”
“Trump, Chansley, and many more... the Left wants us all locked up,” Hegseth wrote.
Support for convicted war criminals
Hegseth served for almost 20 years and deployed to Iraq, Afghanistan and Guantanamo Bay. He has two Bronze Stars. In speaking about his service and advocating for other service members and veterans, he has taken actions to support convicted war criminals and recently said he had told his platoon they could ignore directives limiting when they can shoot.
In a podcast interview released earlier this month, Hegseth described getting a briefing from a military lawyer in 2005 in Baghdad on the rules of engagement. Hegseth said the lawyer told them they could not shoot someone carrying a rocket-propelled grenade unless it was pointed at them.
“I remember walking out of that briefing, pulling my platoon together and being like, ‘Guys we’re not doing that. You know, like if you see an enemy and they, you know, engage before he’s able to point his weapon at you and shoot, we’re going to have your back,’” Hegseth said.
“All they do is take one incident and yell ‘war criminal,’” he said, referring to The New York Times, the left and Democrats, adding, “Why wouldn’t we back these guys up even if they weren’t perfect?”
He said he was proud of his role in securing pardons from Trump in 2019 for a former US Army commando set to stand trial in the killing of a suspected Afghan bomb-maker, as well as a former Army lieutenant convicted of murder for ordering his men to fire upon three Afghans, killing two. At Hegseth’s urging, Trump also ordered a promotion for Eddie Gallagher, a Navy SEAL convicted of posing with a dead Islamic State captive in Iraq.
Biden’s inauguration
Hegseth has complained that he himself was labeled an extremist by the D.C. National Guard and said he was prevented from serving during Biden’s inauguration, a few weeks after the Jan. 6 Capitol attack, because of a cross tattoo on his chest. He said he decided to end his military service shortly after that in disgust.
But a fellow Guard member who was working as a security officer ahead of the inauguration gave AP an email he sent that showed him raising concerns about a different tattoo.
Retired Master Sgt. DeRicko Gaither, who was serving as the D.C. Army National Guard’s physical security manager and on its anti-terrorism force protection team in January 2021, told the AP that he received an email from a former D.C. Guard member that included a screenshot of a social media post that included two photos showing several of Hegseth’s tattoos.
Gaither told AP he researched the tattoos — including one of a Jerusalem Cross and the context of the words “Deus Vult,” Latin for “God wills it,” on his bicep — and determined they had sufficient connection to extremist groups to elevate the email to his commanding officers.
Several of Hegseth’s tattoos are associated with an expression of religious faith, according to Heidi Beirich of the Global Project Against Hate and Extremism, but they have also been adopted by some far right groups and violent extremists. Their meaning depends on context, she said.
Some extremists invoke their association with the Christian crusades to express anti-Muslim sentiment. The Global Project Against Hate and Extremism notes that in 2023 the words were in the notebooks of the Allen, Texas, shooter Mauricio Garcia. Anders Breivik, a right-wing extremist who killed 77 people in 2011, had similar markings in his manifesto.
In an email Gaither sent on Jan. 14, 2021, which he provided to the AP, he raised concerns about Hegseth, a major at the time, and mentioned only the “Deus Vult” tattoo. In the email addressed to then-Maj. Gen. William Walker, who was commanding general of the D.C. National Guard, Gauther raised concern that the phrase was associated with white supremacists who invoke the idea of a white Christian medieval past as well as the Christian crusades.
“MG Walker, Sir, with the information provided this falls along the line of Insider Threat and this is what we as members of the US Army, District of Columbia National Guard and the Anti-Terrorism/Force Protection Team strive to prevent,” Gaither wrote.
“I said, ‘you guys need to take a look at this,’” Gaither said in a phone interview with the AP on Thursday. “I later received an email that he was told to stay away.”
Biden’s inauguration took place just two weeks after the insurrection, and the Army was taking no chances. More than 25,000 Guard members were pouring into the city and each was going through additional vetting, depending on how close they were going to be to Biden.
A total of 12 National Guard members were told to stay home, former Pentagon press secretary Jonathan Hoffman told reporters in a briefing a day before the inauguration. At least two were flagged due to potential extremism concerns; the rest were due to other background check issues that were identified as concerning by either the Army, FBI or Secret Service. It was not clear whether Hegseth was among the 12 Hoffman referenced at the time.
Hegseth has also speculated in podcast interviews that he was asked to stand down because of his political views, his role as a journalist covering Jan. 6 or because he works for Fox News.
 


Lame-duck Biden tries to reassure allies as Trump looms

Lame-duck Biden tries to reassure allies as Trump looms
Updated 16 November 2024

Lame-duck Biden tries to reassure allies as Trump looms

Lame-duck Biden tries to reassure allies as Trump looms
  • In a trilateral meeting with the leaders of Japan and South Korea in Lima, Biden expresses hope that his internationalist approach would survive Trump and that the Japan-South Korea alliance is "built to last"

LIMA, Peru: Joe Biden cut a diminished figure on one of his last outings on the world stage Friday, as he admitted that the times are changing with Donald Trump’s impending return to power.
The 81-year-old lame-duck US president attempted to use a summit in Lima to shore up ties with key Asia-Pacific allies before the potential wrecking ball of a second Trump term.
But Biden couldn’t help but strike a valedictory tone after his final meetings with many counterparts who are looking over his shoulder at the Republican’s looming comeback.
“We’ve now reached a moment of significant political change,” a wistful-sounding Biden said as he met the leaders of Japan and South Korea in the Peruvian capital.
“This is likely to be my last trilateral meeting with this important group, but I am proud to have helped be one of the parts of building this partnership.”
Biden insisted, however, that his internationalist approach would survive Trump, saying of the Japan-South Korea alliance: “I think it’s built to last. That’s my hope and expectation.”
A senior US official insisted afterwards that “as a matter of fact, the president-elect’s name did not come up” with Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol.
But that may have been a matter of politeness rather than politics.
Biden prided himself as the man who was able to say “America’s back” after Trump upturned old alliances in his first term and reached out to foreign autocrats like Russia’s Vladimir Putin and North Korea’s Kim Jong Un.
Now, it is Trump who is back.
And on what is likely to be his final major foreign swing, including a trip to the G20 in Brazil next week, Biden has been overshadowed by the man who will take office on January 20.

The outgoing president has even seen himself outshone by Chinese President Xi Jinping.
Summit host Peru rolled out the red carpet for Xi for a state visit that included the inauguration of the first Chinese-funded first megaport in South America, a sign of Beijing’s increasingly successful battle with Washington for influence.
Peru’s President Dina Boluarte greeted Xi at the Government Palace in Lima, where a brass band welcomed him and soldiers stood at attention in full ceremonial blue and red dress with plumed helmets and flags.
The welcome for Biden was far more muted, with two short lines of soldiers at the airport.
Biden was then kept waiting on Thursday for the start of the summit by other leaders, US officials said.
After he walked in, he extended a hand to the leaders of Thailand and Vietnam, between whom he was sitting, and sat down, his spotlight diminished.
Old friends Justin Trudeau of Canada and Anthony Albanese of Australia later joined him for a selfie, but there was no throng to meet the leader of the world’s top superpower and most powerful military.
Biden is now due to have his last ever one-on-one meeting as president with Xi on Saturday, in what officials say is a bid to build on a historic tension-easing encounter a year ago.
Yet that too will take place in the shadow of Trump and the prospect of fresh tensions and a trade war.
As his political star fades, Biden joked that even First Lady Jill Biden was ready to get rid of him.
Pointing to the head of US space agency NASA during a meeting with Peru’s president, Biden quipped: “Every time my wife thinks I’m getting out of hand, she says ‘I’m going to call him and have him send you to space.’“
 


In El Salvador, crypto investors cheer Trump-powered Bitcoin rally

In El Salvador, crypto investors cheer Trump-powered Bitcoin rally
Updated 16 November 2024

In El Salvador, crypto investors cheer Trump-powered Bitcoin rally

In El Salvador, crypto investors cheer Trump-powered Bitcoin rally
  • Three years ago, President Nayib Bukele made El Salvador the first country in the world to establish Bitcoin as legal tender
NUEVO CUSCATLAN, El Salvador: Bitcoin enthusiasts meeting in El Salvador on Friday said a recent surge in the cryptocurrency’s value since Donald Trump’s US election win has heightened their expectations the price will rise further and it will be adopted more broadly globally.
Dozens of domestic and foreign ‘bitcoiners’ met at the Adopting Bitcoin conference just outside the Salvadoran capital, with the Central American country hyping its status as a hub for the promotion of digital currency trading.
Three years ago, President Nayib Bukele made El Salvador the first country in the world to establish Bitcoin as legal tender, alongside the US dollar. The decision drew criticism from the International Monetary Fund, with whom the country is negotiating a $1.3 billion loan.
Bitcoin, which was trading above $90,000 on Friday, rallied to an all-time high after Trump secured his new term in office, set to begin in January. Investors see the incoming president as a cryptocurrency champion who will slash regulations.
“Trump understands what it’s like to be a capitalist, he’s going to get out of the way and remove regulations that are not necessary,” said Charlie Stevens, a 27-year-old Irishman who has lived in El Salvador for a year and a half.
“Bitcoin is growing very, very fast, in front of the eyes of the whole world. And the whole world has its eyes on El Salvador,” he added.
Bukele’s office did not immediately respond to a request for comment.
The world’s biggest cryptocurrency has had a heady if volatile rise, trading at around $8,000 five years ago, and starting this year at around $42,000.
In January, Vice President Felix Ulloa told Reuters that El Salvador would remain committed to the digital currency, despite scarce use of Bitcoin among Salvadorans and some technical issues.