Bloomberg’s latest Crypto newsletter claims that the election of Joe Biden as President of the United States will lead to wider adoption of Bitcoin (BTC), including possible endorsement of ETFs. He also described the cryptocurrency policy of President Donald Trump’s administration as “laissez-faire”:
“In our view, the potential presidency of Joe Biden should be an advantage for the additional rise in bitcoin prices. The new leadership could alter the Trump administration’s laissez-faire policy – to the detriment of the broader cryptocurrency market – and crush the original benchmark against the prevailing trend enhancing the prospects of ETFs.
Given that the Department of Justice published its 70-page document, Cryptocurrency: An Enforcement System, yesterday, it’s possible that the newsletter was written before that.
The author argues that the same forces will inhibit Davy’s growth. Both results are based on the assumption that “democratic cleansing” is likely to increase the clarity of organizing the cryptographic space. This year the DeFi room exploded in a completely unregulated environment. It is no coincidence that the perpetrators of the KuCoin hack have laundered their illicit proceeds through the largest decentralized exchange, Uniswap.
Bloomberg claims that regardless of the election, “Bitcoin’s price will continue to rise regardless of who is elected president, but at a moderate pace. To $ 80,000 by 2024:
The seemingly unstoppable trends in US debt-to-GDP ratios, quantitative easing (QE), and rising bitcoin fragmentation rates indicate that, in our view, the cryptocurrency is likely to continue through the next presidential administration. About half of the 1,400% increase since 2016, the vote will raise the Bitcoin price to $ 80,000 by 2024. ‘
Square announced yesterday that it has purchased $ 50 million worth of Bitcoin, which means that the business community has expanded the use of the asset.