How will the Biden administration treat the world of crypto?

Quick take

1 minute read

• Last week was a very exciting one for the economic and financial world. 

• The new president of the United States, Joe Biden was officially elected by the American people to succeed Donald Trump as the 46th US president.

Last week was a very exciting one for the economic and financial world. The new president of the United States, Joe Biden was officially elected by the American people to succeed Donald Trump as the 46th US president.

While many all around the world are questioning the outcome of the election, there are plenty of people who have accepted the outcome that Joe Biden is set to be inaugurated at the end of January 2021.

With all the uncertainty out of the way in regards to the election, many analysts are now looking at what a Biden administration would mean for cryptocurrency and the world of blockchain.

We know that his predecessor, Donald Trump is not a fan of bitcoin nor the industry in general so will Biden be any different? 

Biden has said very little in regards to the industry in the past so it is unclear as to how he will address the industry as it continues to grow. Just over the last week, bitcoin has been able to spike immensely to $15,000, potentially due to the election and uncertainty that surrounded it.

A well-known bitcoin advocate, Michael Novogratz believes that a democratic Administration would be good for the world of crypto, indicating that an ongoing stimulus program would boost the anti-inflationary narrative that bitcoin currently has. Mike said in an interview with squawk box:

Wore my lucky hat for Biden. Go $BTC. Go Biden. https://t.co/AwVxCsUAJm

— Mike Novogratz (@novogratz) November 4, 2020

Currently, bitcoin is priced at $15,321 at the time of writing following a 2.43% increase over the past 24 hours. As previously mentioned, the leading crypto coin has had a significant rally this past week with many people expecting it to continue.

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