Analysts: “Bitcoin will win no matter the outcome of the USA presidential election”
The bitcoin rate has shown a noticeable increase in the last month and, according to analysts, this is not the limit. A new impetus for the growth of BTC may be given by the US presidential election.
Bitcoin has shown a negative correlation with the Dow Jones last week. While stock markets around the world were declining, the bitcoin rate increased by 5% and even reached the level of January 2018. One of the main fundamental factors this week will be the final stage of the US presidential elections, and, according to the executive director of the broker Exante Anatoly Knyazev, bitcoin will win no matter the outcome:
“Trump’s victory should be well received by participants in financial markets, and the bitcoin rate will grow along with the rates of other assets. If Biden wins, we will see the stock market fall. However, Bitcoin is likely to show growth amid expectations of a depreciation of the dollar. “
Many analysts refer to Bitcoin as a defensive asset to invest in during times of uncertainty in financial markets.
“Markets do not tolerate uncertainty, and when such a situation develops, defensive assets grow noticeably, especially non-government assets such as gold and bitcoin,” said Nigel Green, CEO of deVere Group.
However, some analysts agree that Biden’s victory is more positive for Bitcoin. Max Keiser believes that if Biden wins, Bitcoin could reach new heights. In the event that the United States chooses Trump as the next president, then Bitcoin will also continue to grow, but much more slowly.
Recently, cryptocurrency enthusiast Raoul Pal expressed the opinion that the rise in bitcoin price could attract the attention of more conservative investors to this asset.