Bitcoin, as well as other cryptocurrencies, ought to be decentralized and not influenced by happenings in the traditional market. Nor should it be directed by global events. However, Bitcoin is yet to achieve this independence. It still succumbs to market activities, geopolitical developments, and governmental activities.
The next big global event capable of having a monstrous impact on Bitcoin is the coming US election. As seen earlier this year, the US and Iran brawl was one such event allowing Bitcoin’s price to surge between January and February.
Similarly, the World Health Organization (WHO) declaration of COVID-19 as a global pandemic had a negative toll on Bitcoin. The crypto price dipped to a 12-month low, plunging below $4,000. Currently, Bitcoin trades around $13,000. The price continues to hover near this threshold.
The next US election will see either Joe Biden or Donald Trump (incumbent president) lead the world’s greatest economy for the next four years. The aftermath of this election on Bitcoin cannot be predicted. However, Bitcoin analyst Max Keiser expects a rapid surge in Bitcoin price if Biden wins the election.
Why Biden presidency means Bitcoin boom over Trump – Keiser speaks
Per Keiser, the Bitcoin proponent, Trump already announced his dislike for Bitcoin. Therefore, if Biden wins, Bitcoin can record a new spike in value owing to panic buying.
Keiser explains that if Biden wins, his tenure will allow Bitcoin to thrive. The Wall Street veteran foresees Bitcoin boom under Biden as people will buy Bitcoin. The main reason for doing so is because BTC can’t be confiscated. That is, assuming users take the necessary precautions.
“A Biden win means a win for corruption and the Deep State. So I would expect Bitcoin’s price to bolt higher as people panic-buy unconfiscatable Bitcoin before Biden’s socialist, jackbooted thugs start confiscating everything in a replay of 1938 Kristallnacht.”
If Trump becomes the President again, there will be a more orderly Bitcoin tradition. It will – most likely – make the crypto price surge slowly .
Other factors influencing Bitcoin price
Keiser also speaks about Paypal’s recent sojourn into the crypto world and MicroStrategy. He is not surprised about Paypal’s break into the space.