Josh Gilbert, a market analyst at eToro, described Biden's withdrawal from the presidential election as a "crypto-asset victory" and the increased likelihood of Trump's re-election as a "huge boost to the asset class," adding: "The longer we see Trump staying ahead in the general election odds, the more crypto-assets will put a price on his victory, and it's hard to envision Kamala Harris or any other Democratic candidate overturning Trump's lead in the polls with just three months to go, but a lot could happen in that time, so nothing is impossible." Trump, who recently made bitcoin and cryptocurrencies a key part of his re-election campaign, announced on June 14 that he would end the Biden administration's "cryptocurrency wars" if elected president.