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What impact would cryptocurrency face after the election 2020 worldwide?

  • Posted On - 2020-11-09 12:59:15

In 2020, USA elections are surely going to impact all around the globe directly or indirectly. Although the result is here and Americans have officially elected Former Vise President from the Democratic party Mr.Joe Biden as new President.

During the election and vote counting, Bitcoin (BTC) and other mainstream coins have performed very well. Bitcoin has reached all-time high of the last two years which was USD 15,848 on November 06, 2020.

To mind that, Donald Trump is less likely interested in Cryptocurrency and he made it clear through the tweets. Though Joe Biden has not made any official statement about cryptocurrency but when his Twitter account was hacked along with several influencers and media sites, He said that would never ask for bitcoin donations.

In an interview with leading crypto-based company CoinDesk, John Collins (a partner at advisory group FS Vector) said that “Crypto is just going to be low on the priorities, which is not surprising.” His statement brought a little disappointment but who knows it could be changed according to the scenario in the market.

For the next 4 years, no matter if US’ Stock Markets will perform very well or not, cryptocurrencies are going to expand more widely in terms of market capitalization. And in case of negative reaction of the economy, the market will definitely demand safe-haven assets like Gold, Silver, and other precious metals, and of course cryptocurrency ????.

This election’s direct impact on crypto-policy will come through the federal regulators that the new President will appoint and the Senate will confirm.

Whether or not the U.S. issues its own central bank digital currency is another open question. The Federal Reserve has indicated it is researching on different technologies that could support a digital dollar, with Boston Fed Governor Lael Brainard discussing the issue in a speech earlier this year.  Brainard is also rumored to be Joe Biden’s top pick for Treasury Secretary. 

So overall in conclusion, We can say that Crypto-market is volatile and it is going to expand at it’s current speed but if The new government will put a little more effort on crypto-policy, it will blow up the bubble extensively.