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What impact could the US election have on BTC?

What impact could the US election have on BTC?

Quick take

1 minute read

  • The presidential election in the United States has been the topic on everyone’s lips the past few weeks and as Donald Trump and Joe Biden have done both of their public debates, next week is what it all comes down to.
  • The world has its eyes focused on the election and what will come afterwards. 

The presidential election in the United States has been the topic on everyone’s lips the past few weeks and as Donald Trump and Joe Biden have done both of their public debates, next week is what it all comes down to.

The world has its eyes focused on the election and what will come afterwards. There is a lot of uncertainty in the crypto space in particular in regards to investors with some already beginning to switch their assets into bitcoin, gold, and silver as seemingly Safe Haven investments compared to other assets.

This election is different from others given the fact that it is taking place during a pandemic. Over this year, the economy all over the world - but particularly in the United States for the purposes of this conversation - has been ruined.

Following the halving event earlier this year for bitcoin, many people expected the cryptocurrency to spike to unprecedented highs but with the economic turmoil and pandemic, things didn’t seemingly go that way. That being said, currently, bitcoin is priced at over $13,165 at the time of writing following a 3.48% decrease over the past 24 hours.

The interesting thing about this election is that you can’t really predict who is going to come out on top. Both candidates are in a position to win but no matter who gets the key to the White House, how could it impact bitcoin?

Over the course of this year on the run-up to the election, neither candidate has really spoken on bitcoin or cryptocurrency. The closest thing was last year when Donald Trump took to Twitter to say he wasn’t a fan of the industry.

There are numerous things that could lead to a negative reaction in the traditional financial markets including tax policies and market changes. For bitcoin, it could potentially see benefits for a negative reaction from the election.

Some experts even believe that due to the weakness of the US dollar, bitcoin could see positive movement and grow for the rest of 2020.

Before we finish though, it is worth saying that we aren’t financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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