Bitcoin is prepared to deal with the results of the ongoing U.S Elections this week. Naturally, the U.S Elections has been the most discussed topic of the country, with candidates and parties making headlines now and then. The country is going through the time when it is likely to see the century’s highest turnout this year.
Meanwhile, the price of the Bitcoin has shot up. In October the price has seen a 30% hike and this kind of constant rise in the prices was not witnessed by the market since the beginning of 2018. Things might go through a massive change with the results of the U.S Election. Democrat candidate Joe Biden is leading the national polls over the current president Donald Trump. Investors are all prepared as the candidates campaigned on the last day and the global market is ready for a new leap.
U.S Election effects on Bitcoin
While the Democrats and Republicans were setting their final game before the elections the Dow Jones Industrial Average has faced a very difficult time since March when the pandemic hit. Bitcoin meanwhile has worked its way into the equity market. Over 5% was added over a week. Since then there has been a significant amount of rising in the number of Bitcoin investors. The situation seems pretty concretized for the Bitcoin market, irrespective of the outcome of the U.S Election this week.
Experts have analyzed the probable outcome of the election results on the Bitcoin market. Some say that if Donald Trump is back to the office once again, Bitcoin prices will see a significant rise. The stock market will benefit from this situation and the Bitcoin industry along with other important assets will see promising growth. However, in case Biden wins this election there will be a notable depreciation in the entire stock market. In this case, there could be a depreciation in the value of the dollar, which could benefit the Bitcoin market. Hence, whoever takes the control of the Whitehouse this year, the outcome is going to be a win-win situation for Bitcoin. While the whole world is going through a massive uncertainty and high-risk factors for almost everything, Bitcoin is emerging as a trusted haven asset alongside another haven asset, gold.
The stock prices could fall up to 20% in case the election gets contested this year. Last week this assumption was made by economists and stock market analysts. So all that is important for the investors of the stock market to know is, there is a clear winner in the U.S Elections. Still, Bitcoin prices are a little slower. Finally, it can be said that the Bitcoin market is seeing a positive outcome with the results of the U.S election, irrespective of the winner. there are certain contradicting speculations regarding the status of the Bitcoin price after the election in different fields of analysis. Some are also saying that the return of the Trump administration could make the rise of Bitcoin.