Bitcoin Unmoved as Joe Biden Announced US President-Elect

Bitcoin Unmoved as Joe Biden Announced US President-Elect 101
Joe Biden. Source: a screenshot, Instagram/joebiden

On Saturday, after a few nail-biting days of vote-counting, Democratic candidate Joe Biden announced as the winner of the US presidential election, beating Donald Trump. Bitcoin (BTC) price is largely unmoved by the expected news and is trading in a range.

Biden, who now should become the 46th president of the United States, has secured 284 electoral votes while 270 were necessary, Trump has 214, according to Bloomberg data.

However, Trump still claims that he “won this election”.

At pixel time (17:17 UTC), BTC trades at USD 15,360 and is down by 1% in a day, trimming its weekly gains to 11%. In November 2016, when Trump won his presidency, BTC traded at around USD 700.

BTC price chart from November 2016 until today:

Bitcoin Unmoved as Joe Biden Announced US President-Elect 102
Source: coinpaprika.com

Earlier this week, Ty Young, Cryptoasset Research Analyst at Messari, estimated that “If Biden eaks out a win, Trump will have little incentive to push through a deal for another round of stimulus, which could cause markets to sell-off in the short term. This sell-off could bleed into BTC.”

Moreover, according to him, “A Biden win could also lead to further volatility due to fear of a hefty Biden tax on capital gains.” Also, a contested election might fuel further volatility in the market.

However, as reported, most industry experts believe that BTC and crypto will thrive in the long term, regardless of who’s in the White House. Crypto has been designed to flout government control, while the current economic climate makes cryptoassets increasingly attractive as investments.
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Learn more:
The US Election: Pullback Possible, But Neither Trump Nor Biden Won’t Stop Bitcoin
US Voting Over, But Near-Zero Interest Rates, Inflation Are Here to Stay
Knife-edge Biden-Trump Showdown Has Crypto Backers on Both Sides
Bitcoin Above USD 14K While Prediction Markets Wave Goodbye To Trump

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