Twitter is twitting from all over the world about different opinions and analysis towards the U.S. political situation influence on other markets and industries. The Crypto future is a popular topic since traders, investors, and analysts across the Twittersphere will sustain their opinion about the crypto future.
Though it’s not yet 100% officially who won the U.S. Presidential election, mainstream media outlets and the Associated Press have definitively called the race for former Vice President and current President-Elect Joe Biden.
Now the big uncertainty is about the fact that President-Elect Joe Biden never expressed his opinion towards cryptocurrency. It’s the little piece of the puzzle that makes traders and analysts looking to determine what a Biden administration will mean for cryptocurrencies.
You see, there are always two paths to take, and this creates the loose consensus that a President who says nothing about crypto is preferable to a president who actively criticizes it.
Qiao Wang, the lead at decentralized finance accelerator DeFi Alliance, reminded us that during his presidency, former President Trump had “tweeted negatively about Bitcoin and Libra in the past”.
The investor Mike Novogratz agreed that a Democratic administration would be a good outcome for crypto, saying that an ongoing stimulus program would bolster the Bitcoin anti-inflationary narrative.
On a big scale, Cointelegraph, the #1 Crypto news and analysis platform, has previously reported that an incoming Biden administration may “significantly relax the financial conditions in the U.S. Also, there the hope of an uplift towards the U.S. economy, and will stimulate investor trust in high-risk assets.”
According to compound general counsel Jake Chervinsky, “all speculations concerning the crypto inclinations of key appointees in the forthcoming administration depends on who President-Elect Biden nominates to posts,
So far, we know that former CFTC chairman and Obama appointee Gary Gensler would be a part of Biden's transition team, and he had positive views about Bitcoin in the past. He is best known for his hardline enforcement of Wall Street regulations in the wake of the 2008 financial crisis.
However, it’s Monday, and we are looking forward to seeing a clear picture of speculators as to where will it bring the U.S. stock market.