Here’s your lead: Due to regulatory uncertainties over who will win Tuesday’s US presidential election, the price of Bitcoin has fallen back to $70,000 under further notice – please HODL.
Okay, now past the crisis, Bitcoin’s price nearly hit an all-time high above $73,770 earlier this week, falling just $200 short of around $73,500. Like me noted Last week, markets had priced in a Trump victory, which would implement his positive policies around Bitcoin and other financial markets.
Unfortunately, just four days after the election, there’s a feeling in the air that Kamala Harris could still win if she does catches up Trump has the chances to win the swing states of Wisconsin and Michigan.
This race will be much closer than what the markets have been predicting in recent weeks.
If Trump wins, many expect BTC to rise thanks to his favorable policies that he has promised to implement. Bitcoin could be poised to grow significantly, even making $800 billion at Standard Chartered predicted Prizes of $125,000 if Republicans can win the election.
If Harris wins, on the other hand, things could be different. Since she essentially has no policy around Bitcoin (let alone a good one), voters can only assume she will continue the Democrats’ four-year assault on the Bitcoin industry.
It’s pretty amazing that there isn’t even a public record, video or written, of her saying the word Bitcoin before. $700 billion asset manager Bernstein said earlier this September that if Harris wins, the price of Bitcoin could fall to $30,000.
I think guessing a Bitcoin price of $30,000 is pretty hyperbolic, and that it won’t drop that much if she gains. But I do believe this would seriously delay reaching a new all-time record until at least next year. Although I’d love to be wrong about that.
As we head into this election, regardless of the outcome, I will be HODLing my bitcoin. Although the price can rise or fall sharply in the short term, it is still the best asset to own in times of uncertainty. And this is a time of uncertainty that will largely determine the future of this industry in the US.
That said, a new all-time high has been postponed until further notice – please HODL.
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.