After a crazy year, especially the past few weeks, it looks like Joe Biden will be the next President of the United States. While this is still highly contested, many have wondered what a Biden Presidency would mean for Bitcoin & Crypto.
At this point, neither Biden nor Kamala Harris has made any public stance in regards to Bitcoin & cryptocurrency. And while uncertainty is generally not positive for markets, many are hopeful that the future administration and cabinet will be crypto-friendly.
2020 Presidential hopeful Andrew Yang, showed strong support on the campaign trail for Biden once he lost the primaries. Yang is a forward-thinking entrepreneur with a good handle on tech, who does appear to have a strong chance of a leadership role in the cabinet.
Yang has vocalized his support for blockchain-based voting, cryptocurrency, and alternative approaches to economics. “Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity, outstripping government’s response.” He said in 2019 (Source).
Biden has announced Gary Gensler as a part of his transition team and a key-advisor on overseeing Wall Street. Gensler has taught at MIT about Bitcoin and blockchain technology, which could bring about major progress.
Lael Brainard, the current Governor of the Federal Reserve, has the potential to be Treasury Secretary. She has a history of knowledge of blockchain technologies and crypto, which may usher in more clear regulatory compliance for the industry.
Another stimulus package has been looming and whether it will be ushered in by the Trump or Biden administration still remains to be seen. A stimulus is expected to help bring more retail capital directly into Bitcoin and crypto, as people look to invest their money.
Bitcoin has responded surprisingly well to the news – up over 4.5% this week, breaking through $16,000 critical resistance. Altcoins also made a comeback, in an exciting week for crypto with a bright future ahead.
A big thank you to Author Andrew Hayward at Decrypt.co who helped inform the content of this article.
Read his article – What Biden's Election Means for Bitcoin
Top Market Movers
- Yearn.Finance (YFI) +47%
- Uniswap (UNI) +33%
- OMG Network (OMG) +14%
- Compound (COMP) +11%
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