The US elections is a significant event in the world as it has a great impact on the world’s economy and politics. All stock markets are greatly affected, and cryptocurrencies are not left out.
Bitcoin in 2020
Bitcoin has had ups and downs in the market. Early this year, it was going for over $10,000 and went through a trough in March where there was a crash in the economy and BTC value dropped below $5,000, Since then, it has been on the rise, and before the elections, it was valued at $14,000. The polls will either have no impact, end the rise or continue it.
Leading to the election, the value of bitcoin has been shooting; whole 30% and is speculated to be soaring high skies still.
Win or lose, bitcoin wins!
Anatoliy Knyazev , an executive director at brokerage Exante, predicted that if DJ Trump wins, the value of bitcoin will maintain its rise. This is because the win would advantage traders in the stock market. On the other hand, Biden winning would cause a downfall in the stock market. However, this fall could be a blessing to bitcoin as the dollar would be expected to depreciate, which would leave bitcoin as a dependable store of value.
Professionals at bitcoin also said that if Biden wins, bitcoin prices could again rise. This is because as Dorman had predicted Biden being a Democrat is likely to hedge inflation rather than Trump. The chief investment officer at cryptocurrency offices of Arca, Jeff Dorman reported to Business Insider over an interview further that if Biden wins, there would be more government spending which will likely have a better result to bitcoin. Max Keiser , a bitcoin supporter and RT’s Keiser Report host, echoed the above prediction.
A “BigCheds” trader said that if the election has a clear difference, the effect on bitcoin value would be small compared to if the position is highly contested.
For future assurance experts are advising that bitcoin is a haven as a store of value and that there is a vast rise in bitcoin prices whatever the election turns out. Fiat currency is expected to depreciate value, and with bitcoin demand, the cost will shoot. If in need to get bitcoins, there are sites like Extoid where you can buy or sell bitcoins at the best rates. It would be a wise move to invest in cryptocurrency, and bitcoin is your best bet.