In about 3 weeks time, the world would stand still for the election of arguably the greatest Contemporary nation on earth, the United States. Contestant Joe Biden and incumbent Donald Trump, representing the Democratic and Republican crowds respectively, would lock horns.
This election has some serious technological and financial implications all over the world. Predictions have been rife with many thinking the dollar would tank hours just before the elections and jump if Biden wins. My focus is on assets like bitcoin and other crypto. Methinks bitcoin would take a moon hike as uncertain investors jump on assets not tied to any government influence(mostly, though we know there is some government effects).According to Nigel Green, CEO one of the worlds leading independent financial advisory organisations DeVere, U.S. election will boost the price of bitcoin. Bitcoin is already one of the best-performing assets of the year, up around 70% year-to-date, And We can expect the worlds largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.
I may be wrong but I want to know your views. What do you think?
I don't think these effects can be reasonably predicted. Firstly, I don't see how the elections are going to trigger the dollar's devaluation. I mean, there were already some risky decisions made in 2020, and the expenses related to the elections won't all magically add up to make an impact specifically on the election day. Moreover, those voting for Trump are probably okay with what's currently going on, while those voting for Biden have hopes for the better future, so I don't think much FUD will come into play.
Finally, even if USD goes down, there is no way of knowing how BTC price will behave. It might go up as you said, but it can also go down because we usually evaluate BTC price in USD, so BTC might follow USD.
