Is the United States the land of Bitcoin (BTC)? Is Satoshi Nakamoto American? So why would anyone want at all costs to establish a relationship between the US presidential elections and the evolution of the price of Bitcoin? Blockchain may well save electronic voting, but not sure Bitcoin’s future will be in part at the ballot box – it is rather played on the markets.
Bitcoin does not support any candidate, candidates support Bitcoin
Bloomberg suggests that the administration Biden would not just sit idly by when it comes to the regulation of cryptocurrencies.
Their latest newsletter indicates that the election of Joe biden would speed up the adoption of Bitcoin by the general public but also the approval of exchange-traded funds on crypto-exchanges.
Bloomberg also believes that the administration of Donald trump opted for a policy of non-intervention.
The latest initiative of the Department of Justice seems to contradict this last point: indeed, the department has just published a document entitled ” Cryptocurrency: An Enforcement Framework Which suggests that Bloomberg’s newsletter was probably written long before.
A victory of the Democrats would also lead to a clarification of the regulatory environment of DeFi which could hamper the growth of the sector.
The lack of regulation certainly contributed to the explosion of DeFi: it is no accident that hackers KuCoin have used Uniswap to get rid of illegally acquired tokens.
At worst, BTC will peak at 80,000 BTC
Forecasts of Bloomberg concerning the evolution of the Bitcoin are resolutely positive: the price of Bitcoin would continue to increase at a moderate pace regardless of the outcome of the election.
In this case, even if this increase is only half that of the period 2016 to 2020, the price is expected to reach $ 80,000 by 2024.
Bloomberg considers that the debt-to-GDP ratio of United States, quantitative easing policies and the increase in the hashrate of BTC, are all indicators of bullish price progression.
Joe Biden is elected, so much the better for Bitcoin. Donald Trump is elected, so much the better for Bitcoin. BTC appears to be armored against all tests. Even Covid-19 is playing Bitcoin’s game, exposing the weaknesses of the dollar, encouraging companies to turn to digital gold to hedge against inflation. Bitcoin is above state policies, it just takes a little while to definitively prove its superiority to the greenback.
Litecoin, welcome in the Silver Age