He said that he chose to step aside in order to protect democracy.
"This sacred task of perfecting our union - it's not about me. It's about you, your families, your future. It's about 'We the People.'"
He said, "America's going to have to choose between moving forward or backward, between hope and hate, between unity and division. We have to decide: Do we still believe in honesty, decency, respect? Freedom, justice and democracy? In this moment, we can see those we disagree with not as enemies, but as fellow Americans... I believe I know the answers to these questions because I know you, the American people, and I know this: We are a great nation because we are good people."
Meanwhile, Biden said that his record spoke for itself. "I believe my record as president, my leadership in the world, my vision for America's future, all merited a second term. But nothing, nothing can come in the way of saving our democracy — that includes personal ambition," he said.
He said that he chose to step aside for the younger generation to step forward.
"So, I've decided the best way forward is to pass the torch to a new generation. That's the best way to unite our nation," he added.
"This sacred task of perfecting our union is not about me. It is about you. Your families. Your futures. It is about 'We the people,'" he said. "We are a great nation because we are good people. When you elected me to this office, I promised to always level with you, to tell you the truth. The truth, the sacred cause of this country, is larger than any one of us," he said. "We must unite to protect it."
