Are the US Presidential Elections a major factor for the price of Bitcoin?
As the US Presidential Election is coming closer and closer to the end, many crypto traders are sharing their thoughts about Bitcoin’s future. Many of them are claiming that, regardless of who wins the battle, the primary cryptocurrency will still be on a rise.
Comparing to these two candidates, Joe Biden is “probably” the one that could bring something positive to the cryptocurrency in the long term. In any case, US Presidential Election, is not the thing that Bitcoin and the rest assets will rely on, in order to move on as they will ignore the final result.
But, would anybody say that Bitcoin price rallies are correlated with Presidential Elections?
Having a closer look at the charts, the answer would probably be positive. Back in 2012, when Obama was elected, the Bitcoin price surged over 10,000%. Not only that, but also Trump’s election in 2016, brought another huge rise on the Bitcoin’s price (2,500%). Someone could say that BTC is repeating the history as it did four years ago, and that can be seen from the last 24 hours (+3%).
Bitcoin’s price is $15,466 at the moment while in the last US Election which happened in November 2016, was only $700! Who would ever imagine such rise in just four years?
Meanwhile now:
This year was a bit different. Covid-19 brought a huge chaos at the Global economy, forcing many businesses to shutdown or have economic troubles. Some would say that the pandemic mess could push Bitcoin on top and see another breaking high score, but till now, everything seems to move smoothly.
The only sure thing is that, when the election is done, we will definitely have a change in Bitcoin price. The question is: Bearish or Bullish?
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