While some in the community continue to question the outcome of the US presidential election, The media and Associated Press have definitely entered the race for former Vice President and current President-elect Joe Biden.
In view of the uncertainty, traders and analysts are now trying to find out what a Biden administration will mean for cryptocurrencies They seem to have reached a loose consensus that a president who says nothing about cryptocurrencies is preferable to a president who actively demeans them..
Qiao Wang, the head of the DeFi Alliance of Decentralized Financial Accelerators, applauded Trump’s loss, stating that the president had tweeted negatively about Bitcoin and Libra in the past::
The fact that Trump and Mnuchin are hostile to BTC makes Trump a vastly inferior candidate. New paragraph. However, the part of the Senate is controversial. One could argue that Democrats are more likely to generate inflation, which is good for BTC.
– Qiao Wang (@QwQiao) November 8, 2020
Meanwhile, Investor Mike Novogratz agreed that a democratic government would be good for cryptocurrenciesand said that an ongoing stimulus package would reinforce Bitcoin’s anti-inflation narrative:
I put on my lucky hat for Biden. let’s go $ BTC. Come on biden. https://t.co/AwVxCsUAJm
– Mike Novogratz (@novogratz) 4th November 2020
At the macroeconomic level, Cointelegraph has already reported this A thorough Biden government could strengthen the markets if uncertainty sets in and hopes for additional stimulusSimilarly, these efforts could cripple cryptocurrencies with a stronger dollar.
To There has been much speculation about the inclination of key people in the next government to cryptocurrencies. General Counsel Jake Chervinsky indicated that whoever President-elect Biden appoints to the positions will be more important than the new President’s personal opinions:
President-elect Biden has not said anything publicly about his views on cryptocurrencies. Right now it’s really not big enough to warrant your attention.
The next four years of the U.S. Crypto Directive depend on who you appoint for key positions. We’ll know more when the transition begins.
– Jake Chervinsky (@jchervinsky) November 7, 2020
To do this, Politico first reported former CFTC President and Obama Representative Gary Gensler, known for its strict enforcement of Wall Street regulations after the 2008 financial crisis, He would be part of Biden’s transition team. Gensler has spoken positively about Bitcoin in the past.
The mainstream media reported about it two weeks ago the economist Lael Brainard, the former Federal Reserve Governor who led a joint MIT investigation into CBDCs, is one of the first to hold the position of finance minister.
Despite all suspicions, the opening of the US stock market next Monday will paint a clearer picture for speculators. A popular trader said on Twitter:
Monday is coming
– Stardust (@inversebrah) November 8, 2020