Is Joe Biden Good For Bitcoin (BTC)?

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Last Updated on 8 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Now that Delaware’s own Joe Biden is set to become US President, one has to wonder what the effect of his presidency will be for cryptocurrency. As Biden is a 77-year-old, many are already loudly claiming that he’ll be a one-term president and that Ms Kamala Harris is set to take over in 2024. If that’s so, this would indeed be excellent news. The California Senator is a big fan of all things tech and thus crypto will have much less to fear.

Furthermore, if she takes over, she’ll need the vote of the youngsters and millennials, a group is hyped on crypto as well as a group that once again failed to turn up for the US election.

On the other hand, she does seem fearful of Bitcoin taking over part of the importance of the US dollar. When asked whether Bitcoin should be classed as legal currency, she replied:

No, classify it as a commodity.

Advertentie.

Bitcoin to moon

Be that as it may, according to crypto analysts, a Biden’s presidency will only bring good tidings to Bitcoin. According to Max Keiser, Biden’s weakness versus China is set to drop the dollar value, a move that should send Bitcoin to the moon sort of speak.

Keiser said:

A Biden win will lock China’s global supremacy, crash the US dollar, send Bitcoin to $400,000. This is because $100,000,000,000 in global managed funds will start allocating into Bitcoin to escape. Expect Bitcoin well above $28k by Inauguration Day.

So far this year, the US election and the coronavirus pandemic have both caused major uncertainty in world markets with tech stocks and the US dollar falling in value.

Bitcoin on the other hand has had a stellar year, and the cryptocurrency is up more than 100% since the start of 2020. It is now clearly seen as a hedge against inflation. Unlike fiat currencies, it is impossible to print more Bitcoins. Satoshi Nakamoto made it clear from the start that 21 million Bitcoins will be mined, and not one more.

We already wonder whether Mr Keiser’s prediction will come true.