Have you wondered how the 2020 U.S. presidential election will shape crypto industry? Then read my article and you will get answers!
Biden officially won the U.S. presidential election, dethroning Donald Trump. With these changes, people in the cryptocurrency community began to wonder how such a political change would affect cryptocurrency as a whole and what Biden’s presidency would mean for the industry.
Unlike Trump, who has publicly stated more than once that he does not like Bitcoin and cryptocurrencies, linking them with high crime rates, Joe Biden did not touch on the topic of cryptocurrency during his presidential campaign. He once mentioned that he does not own bitcoin after trying to hack Twitter, when hackers demanded funds in bitcoins through hacked profiles of celebrities and important figures.
As such, it remains to be seen how Biden’s victory will affect the cryptocurrency industry, as he has yet to unveil any major plans for a specific cryptocurrency and blockchain policy.
However, there are people in the Biden administration who support the cryptocurrency growth. Media reports that the Treasury may be headed by Fed Governor Lael Brainard, who oversees the central bank’s digital dollar initiative. In addition, former CFTC chairman Gary Gensler, who previously called bitcoin a “catalyst for positive change”, is also part of Biden’s team.
Most likely, work on initiatives in the field of cryptocurrency in Congress will continue at a slow pace and mainly limited by standard budget program. The sessions will focus on legislation that defines digital assets in the context of US law, but it remains to be seen if this dynamic will change when the next session of Congress begins.
So, the cryptoindustry will not be the first thing that Biden change with reforms, so there is no reason to expect any drastic changes and price jumps on news from the United States.
But the very fact of the elections did not have the most impact on the crypto market – after the news of Biden’s victory, bitcoin fell below $ 15,000 over the weekend, but has already recovered to the $ 15,500 zone. And most likely there will be no more impulsive rate jumps from the US against the fundamental background. According to cryptanalysts, we will see consolidation in the newly occupied positions (also not the worst scenario).
What do you think about the future of bitcoin in the USA? I would be happy to answer any questions or submit your project to my team at Astorts Group for its evaluation.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.