That is your captain talking: As a consequence of regulatory uncertainties relating to who will win the U.S. presidential election on Tuesday, Bitcoin’s worth has fallen again to $70,000 below additional discover — please HODL.
Okay now previous the cringe, Bitcoin’s worth practically hit an all time excessive of above $73,770 earlier this week, falling simply $200 quick round $73,500. As I famous final week, markets had been pricing in a Trump victory, which might see his optimistic insurance policies round Bitcoin and different monetary markets be put into place.
Sadly although, simply 4 days out from the election, there’s a sense within the air that Kamala Harris should win as she overtakes Trump within the odds of profitable swing states Wisconsin and Michigan.
This race might be a lot nearer than what the markets have predicted the previous few weeks.
If Trump wins, many expect BTC to rise attributable to his favorable insurance policies he has promised to implement. Bitcoin could be poised to develop considerably and even $800 billion financial institution Customary Chartered predicted $125,000 costs if Republicans can sweep the election.
If Harris wins alternatively although, issues might be totally different. As a consequence of her having principally no insurance policies round Bitcoin (not to mention any good ones) voters can solely assume she goes to proceed the Democrats’ 4-year lengthy assault on the Bitcoin business.
It’s fairly superb that there isn’t even a public document, video or written, of her saying the phrase Bitcoin earlier than. $700 billion wealth supervisor Bernstein mentioned earlier this September that if Harris wins, the worth of Bitcoin might drop to as little as $30,000.
I feel guessing $30k Bitcoin costs is fairly hyperbolic, and that it gained’t drop that a lot if she wins. However I do imagine it could severely delay hitting a brand new all time excessive till a minimum of subsequent yr. I’d like to be mistaken on that although.
As we head into this election, whatever the final result, I might be HODLing my bitcoin. Whereas the worth might fluctuate up or down closely within the quick time period, it’s nonetheless one of the best asset to personal at occasions of uncertainty. And this can be a time of uncertainty that can dictate massively the way forward for this business within the US.
With that each one mentioned, a brand new all time excessive has been postponed till additional discover — please HODL.
This text is a Take. Opinions expressed are totally the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
