Is the US presidential election and hand over affecting the price of bitcoin?

[BrolySSJ]

The recent election has shown that Joe Biden has won over Donald Trump, however do you feel that this has affected the price of Bitcoin that we are seeing in the market? In my opinion, elections such as this one, where the US dollar is basically used as the reference value for Bitcoin is very influential on Bitcoin price.

In cases where the dollar value weakens the Bitcoin price ends up increasing, and vice versa. What are your thoughts after Biden enters office? Do you think that the development and honing of relationships with other countries may cause the price of Bitcoin to start stabilizing and maybe even decrease as the dollar starts to strengthen?

To be honest, I think that we may see a change in Bitcoin price. The hand over is happening tomorrow and so the effects may be seen in the market. What are your thoughts and do you agree with my direction of thinking on this matter?

 

[AgentX44]

I think it might specially when something will happen during the said event, like a big protest or shutting down the grid or bombing the place or hacking their monitor in there and showing some bad stuff. I know it sounds like a movie scene but you'll never know what will happen all you can do is hope for the best...
Anyway whats your stand if i'll ask you whats more realistic bad could happen tomorrow?

 

[Patrik]

i don't think that it's going to affect in any way, remember that the decisions that are taken by a specific president, aren't based only on his own opinions, there are lot of people that agree about a specific decision before releasing it

 

[Niftyyem]

It may be quite difficult to conclude on this matter without waiting for the whole thing to play out first. However, one positive thing that could come out of this is if the new president is really not against Cryptos like some have claimed

 

[Iamsodex]

Personally I don't think so because Bitcoin isn't actually backed by the US dollar, it's price is just being estimated in dollar probably because dollar is the king of currencies (not the highest though), it will just be better if the incoming president doesn't have a bad blood towards crypto currencies in general.

 

[Josemendez]

Well , I am not among people who believe that state affairs will have effect on the price of cryptocurrency. But then , if it will have to affect the Bitcoin price , let it be in the positive direction. This where I have my concern , and nothing more. The US handover should also be a successful one .

 

[Sotherefore]

The United States election is the main causes of increase in the price of Bitcoin because from what I can say is that during the election. The price of bitcoins increase from $9000 to 15 thousand dollars that means the election of the United States has an effect on the price of bitcoins and other world currency, I'm not in a position to explain it to the best of your understanding, business expert knows better than me

 

[Nurudeen]

I think the US election will affect the price of all crypto currency in general. However, it's yet to be determined whether the prices will affected in a positive or negative way. Traders need to trade with caution as from today because of the market won't favour them they will know right from Joe Biden is sworn in and likewise the investors.

 

[tuna89]

Definitely, the presidential elections have affected the cryptocurrency especially bitcoin, the same thing occurred during the previous election that brought in Obama as president, it was noticed that there was a surge in the price of btc then. Activities like these always create great uncertainty for the usd and the stock market as well and can lead to a high increase in the demand for btc and ether.

 

[Suba]

Many people think that the US presidential election affects the increase in the price of stocks, gold and cryptocurrencies. Joe Biden won as the 46th elected president of the United States did not have a big influence on the price of bitcoin and Altcoin. The increase in the price of Bitcoin, has occurred before the US Presidential election. Furthermore, the increase in the Bitcoin price was pumped by institutionals who adopted Bitcoin as a safe hedge from inflation.

 

[Ralphjoe]

I don't think the US election or particularly the handover ceremony of Donald trump to Joe Biden will have any effect on the prices of cryptocurrencies because cryptocurrencies investors are not being swayed by political considerations before they invest on the platform as the platform is not being controlled by the Government or anybody.

 

[Taimoor Jutt]

I dont think so, botcoin is almost a global currency dollar wouldn't affect the price of bitcoin. Because US dollar is just a standard at which we can measure the value of bitcoin. Neither donald trump was affected to the bitcoin nor will be joi biden.

 

[EMMANUEL]

“While the United States prepares for the results of the 2020 Presidential Election, a number of data points and traders expect some significant cryptocurrency price fluctuations,” per Bitcoin.com. ... But the fact is that Bitcoin's price is notoriously volatile and difficult to predict

 

[WhiteHouse]

Bitcoin and crytpocurrencies are very volatile and that's because they operate mainly on the laws or supply and demand, and alot of factors can affect and influence these variables (supply and demand).

 

[ansahweh]

The recent election has shown that Joe Biden has won over Donald Trump, however do you feel that this has affected the price of Bitcoin that we are seeing in the market? In my opinion, elections such as this one, where the US dollar is basically used as the reference value for Bitcoin is very influential on Bitcoin price.

In cases where the dollar value weakens the Bitcoin price ends up increasing, and vice versa. What are your thoughts after Biden enters office? Do you think that the development and honing of relationships with other countries may cause the price of Bitcoin to start stabilizing and maybe even decrease as the dollar starts to strengthen?

To be honest, I think that we may see a change in Bitcoin price. The hand over is happening tomorrow and so the effects may be seen in the market. What are your thoughts and do you agree with my direction of thinking on this matter?

Bitcoin is a crypto currency so i don’t think it can be affected by elections etc. it can only be affected by investment in btc or otherwise

 

[BrolySSJ]

Bitcoin is a crypto currency so i don’t think it can be affected by elections etc. it can only be affected by investment in btc or otherwise

Whilst it is true that it is a crypto and will not be affected by elections, it is affected by the value of the us dollar and this is also a large factor in the price that we see as well. Also, the stance that a government takes after an election on crypto can also be a deciding factor on that as well.

 

[btaliat]

I don't see any correlation between the two instances. What determines the rate of dollar is not what really determine the rate of bitcoin. For instance, the dollar rises this week but bitcoins don't come down in rate this week. The last time bitcoin went down was on the 11th Jan and by then dollar was not really performing as well.

 

[Rimsha kanwal]

i don't think that it's going to affect in any way, remember that the decisions that are taken by a specific president, aren't based only on his own opinions, there are lot of people that agree about a specific decision before releasing it

One of Bitcoin’s key properties is the fact that it is free from control by any third party, including politicians. But the fact is that the price of Bitcoin relative to fiat can swing significantly as the result of political and legacy economic activity. For evidence, look no further than U.S. presidential elections.

 

[Lagazine]

I doubt if the handling over the presidential position to Joe Biden will affect the handling over. Bitcoin is always the best but will have nothing to do with Joe Biden. I sincerely want to make sure things works for all cryptocurrenies. Bitcoin will not be affected by the address support.

 

[alberello75]

Yes, I agree with you. Also in a news story a few hours ago, Joe Biden appointed Gary Gensler, former president of the "Commodity Future Trading Commission", as head of the "Securities and Exchange Commission (SEC)".
Not surprisingly, Gary Gensler has always been in favor of cryptocurrencies, also given his deep knowledge of Bitcoin.