Bitcoin is preparing for this week’s US election earthquake

The 2020 U.S. elections set the country on track to achieve its highest turnout in a century – with campaigns and candidates dominating the headlines.

Bitcoin rose in the run-up to the election, adding a whopping 30% through October and riding a flurry of positive news to reach highs not seen since early 2018.

Now, with Democratic challenger Joe Biden making a solid lead in the national polls over the incumbent Donald Trump, bitcoin traders and investors are preparing as the candidates approach the final day of the campaign, with global markets already soured.

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US President Donald Trump traps rival Joe Biden in pre-election polls in … [+] a week.

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Last week, the Dow Jones Industrial Average closed its worst week and month since the coronavirus crashed in March, as Republicans and Democrats prepare for the final round of the presidential race.

Meanwhile, Bitcoin has broken its long-standing association with the equity markets, adding 5% over the past seven days and fueled by a tidal wave of bullish sentiment among Bitcoin investors that hasn’t been felt since Bitcoin’s historic ascent in 2017 – and it appears to be unshakable regardless. About this week’s result.

“It is likely that players in the stock market will welcome Trump’s victory, and bitcoin will continue to grow along with other assets,” Anatoly Knyazev, CEO of brokerage firm Exante, said via email. “However, Biden’s victory, which may lead to a downturn in the stock market, could also work in Bitcoin’s favor based on the expectation of a depreciating dollar.”

Bitcoin investors support the cryptocurrency as an emerging asset called the safe haven, with the potential of the Bitcoin price rising alongside gold in times of increased uncertainty and risk.

“Markets hate uncertainty, so in the event of a disputed outcome, safe-haven assets will get a boost – especially non-sovereign categories like gold and bitcoin,” Nigel Green, chief executive of Devere Group, said via email.

If there is a contested election, stocks could drop as much as 20%, economists at Bank of America warned last week.

“[Investors] I just want to know there is a winner, ”Jeff Dorman, chief investment officer at the cryptocurrency hedge fund, Arca, told Business Insider in an interview. Dorman believes Biden’s victory means an unprecedented level of government spending that will be better for bitcoin and gold than four Other years of Trump’s rule.

“I would say the Democrats are the best to hedge against inflation, but as long as there is a clear winner at some point, everything goes up,” he added.

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Bitcoin has soared over the past week, reaching $ 14,000 per bitcoin for the first time … [+] Since early 2018.

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Other more radical elements of the bitcoin and cryptocurrency community also believe that Biden’s victory will mean that Bitcoin may jump higher this week.

Max Kieser, a veteran of Wall Street, long-term advocate for bitcoin and host of RT’s Keizer Report, predicted that the Bitcoin price would rise when Biden wins, sparking unfounded fears that the Biden administration will confiscate “everything.”

However, Keizer is also considered positive for the bitcoin price should a surprise surprise in the Trump poll.

“With Trump, the United States has an opportunity for a more orderly transition to bitcoin, so the price will rise more slowly,” Kizer told Bitcoin and cryptocurrency outlets Cointelegraph in an interview.

Regardless of who takes over the White House this week, the bitcoin and cryptocurrency community are convinced that they have indeed backed the true winner.

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