Bloomberg‘s latest cryptocurrency newsletter discussed the impact of the US election on Bitcoin. Accordingly, the election of Joe Biden as US President will be better in terms of mainstream adoption of Bitcoin in addition to the Bitcoin ETF.
“In our view, a possible Joe Biden presidency should contribute to bitcoin’s discretion, ” Bloomberg analysts said. The new administration could change the Trump administration’s no-touch policy to the detriment of the cryptocurrency market and increase the likelihood of ETF approval. “he says.
The same forces will hamper Defi’s growth, according to Bloomberg analysts. Both results are based on the assumption that Democrats will provide more legal clarity for crypto space.
Trump will rise even if he wins, but at a measured pace
The report, on the other hand, emphasized that even if Trump wins the election, the price of Bitcoin will continue to rise at a moderate pace. It also concluded that if the price of Bitcoin continues to rise at half the pace it has achieved from 2016 to 2020 during the next presidential term, it will reach $80,000 by 2024.
It is noted that this result can be achieved due to certain factors. These are listed as seemingly unpredictable trends in the U.S. debt-to-GDP ratio, monetary easing, and Bitcoin’s rising hash rate.
It is a well-known fact that US President Donald Trump does not think very well about Bitcoin. Trump made his first statement about Bitcoin in July last year, noting that he is not a fan of Bitcoin and other cryptocurrencies “whose value is very variable and not money,” and that unregulated crypto assets facilitate illegal behavior, including drug dealing and others. Illegal activities. had.
Last June, former US National Security Adviser John Bolton wrote in his book about his memoirs in the White House That Donald Trump had asked Treasury Secretary Steve Mnuchin not to give up Bitcoin.
