Bitcoin managed to break out of the $13,000 milestone. Following the US Elections, crypto traders have their eyes fixed on the BTC price movement. While we still await the ballot count let’s have look at how the bitcoin price will possibly be affected.
Bitcoin Price and US Elections:
Bitcoin price has hit an all-time high in October since 2018. It has touched $14K to the joy of many in the crypto trading community. However, since the election day has drawn closer bitcoin price has been highly volatile. Today, the result of the US Elections will most likely be clear. The two candidates Donald Trump and Joe Biden look the complete opposite of each other with the former having a conservative attitude while later being more open and liberal. Nonetheless, the very nature of bitcoin makes it hard to predict to what extent it will receive impact from US Elections.
The Economy of the US has been suffering a lot from the coronavirus pandemic. This has made the stock price decline, sharply. The economy is less likely to change its course in the aftermath of US Elections. However, the change of administration might deter the investors from buying bitcoin till the air around policies is clear. Therefore in case, Joe Biden wins the price of bitcoin will rise slowly. But if Trump bags the victory then things will stay the same. Essentially, this means that the bitcoin prices will remain bullish for time and ch
The adoption of bitcoin is on its way. The crypto banks have made their presence prominent during the Trump Presidency. Besides, big corporations like Paypal have also started the adoption of crypto. This alludes to the fact that in the case of Trump win, we will see the trend of adoption go further. Joe Biden is considered more humanist and in favor of taxes and other curtailments to the operations of big corporations. Therefore, we will see a slow trend towards the mainstreaming of crypto.
Bitcoin and other digital currencies are the money of the present. As the general trust in paper money is diminishing, so we will see a definitive rise in crypto investment. In turn, the value of bitcoin will rise as there are only going to be 21 million bitcoin ever. US Elections are an important factor in defining the course of not only local but also the global economy. Therefore, it only makes sense that traders are anxious about the US election results. Nonetheless, bitcoin will not lose its appeal in the post-election world of decentralization.