Democratic presidential candidate Joe Biden won the 11.3 U.S. presidential elections last week. People worldwide are focusing on possible changes that this election result will bring to the world. It is the same with crypto market. On this feed, we will take a look at what changes there will be in general crypto market and whether Bitcoin will continue its recent surge even after the election.
Trump has previously expressed skepticism about the cryptocurrency, tweeting “I am not a fan of Bitcoin and other Cryptocurrencies” and that those are “not money, and [their] value is highly volatile and based on thin air”. President Biden has rarely expressed his opinions directly on Bitcoin or other cryptocurrencies, but he is known to be a politician that supports IT technology and financial innovation which shows that he is relatively more supportive on crypto market.
In Biden's Democratic Party, Andrew Yang, a former presidential candidate, stressed that laws and regulations are necessary for the growth of the industry, while Mike Bloomberg, another former presidential candidate, has been showing receptive view on cryptocurrency, expressing it as a part of assets on Financial Reform that was revealed on February.
Along with legalization of cryptocurrency in Korea that we previously dealt with, United States also released a ‘cryptocurrency regulation report’ that includes ways to nurture the technology within U.S. special law. As the illegal movement of cryptocurrency in the U.S. will disappear and emerge as an innovative asset, it seems that more optimistic view of the future crypto market is increasing. Cryptocurrency, digital assets, and open payment networks are now key technologies in innovative financial services. It is expected that the crypto market will benefit from President Biden's various innovative policies that support the IT industry.
Additionally, there is a heated debate on whether bitcoin prices, which have recorded high returns so far, will continue to rise. Bloomberg had previously predicted that if Biden is elected president, Bitcoin will become mainstream as there’s a higher chance of Bitcoin ETF approval, which will lead to price increase. Not only that, some says Biden's massive fiscal policy at the forefront will result in a weaker dollar and increased market liquidity, which ultimately will work in favor of the Bitcoin market.
In conclusion, as Biden is elected as president, there will be positive influence on crypto market and it will also affect Bitcoin price to increase higher.
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