The latest Bloomberg Crypto newsletter confirms that Joe Biden’s election as President of the United States will lead to wider adoption of Bitcoin (BTC), including possible approval of ETFs. Furthermore, she called the policy of the administration of President Donald Trump regarding cryptocurrencies “hands-off”:
“From our perspective, Joe Biden’s potential presidency should shed light on the rise in bitcoin prices. The new leadership could change the Trump administration’s hands-off policy – to the detriment of the broader digital currency market – and push the pristine standard into the mainstream, increasing the chances of ETF creation. …
Given that the Ministry of Justice published its 70-page headline, “Cryptocurrency: An Enforcement System”, yesterday, it is possible that the newsletter was written earlier.
The author argues that the same forces will hold back the growth of DeFi. Both findings are based on the assumption that sweeping the Democrats is likely to provide more organizational clarity for the crypto space. This year, the DeFi room has become a completely unregulated environment. It is no coincidence that the perpetrators of the KuCoin hack laundered their illegal income through the largest decentralized exchange, Uniswap.
Bloomberg claims that regardless of the outcome of the election, “the price of bitcoin will continue to rise regardless of the president-elect, but at a moderate pace.” He also concludes that if the price of Bitcoin continues to climb during the next presidential term at twice the rate from 2016 to 2020, it could reach $ 80,000 by 2024:
The seemingly unstoppable trends in US debt relative to GDP, quantitative easing (QE) and rising bitcoin hashrate indicate that the price of cryptocurrency in our view is likely to continue to rise during the next presidential administration. About half of the 1400% gain since the 2016 poll will see bitcoin grow to almost $ 80,000 by 2024. ”
Square yesterday announced a $ 50 million acquisition of Bitcoin, signaling the growing use of assets in the corporate sector.