Will bitcoin crash after the US election?

Analysts argue that the public might see bitcoins in shambles after November’s elections.

The presidential election in the United States is coming really soon. Naturally, such events have an enormous impact on stocks.

Analyst Dan Popescu predicts that in the case of [Joe] Biden winning, the dollar will lose its value; bitcoins will go down but gold shall remain strong with the opportunity to get a higher value. On his tweeter he writes; “Biden election will collapse stock market (DJI, SP500) and the US dollar despite massive intervention by US Treasury and Feb, boost gold stock

After the presidential debate on 29th September, the value of bitcoin drastically fell down. That could be potentially seen as a brief forecast of what could happen in the case of Biden securing the White House.

The whole year 2020 that for many was supposed to be a breakthrough into success so far is absolutely unbalanced. With so many external factors still playing a major role in the value of stocks such as; covid-19 and related to that search for a vaccine. We are witnessing drastic changes in the global markets.

Bitcoin is being extensively influenced by the value of USD and is deeply related to political changes in the White House. Pessimistic views of Popescu about the dollar are shared by another analyst.

CNBC quoted JPMorgan Asset Management’s Patrick Showitz saying; “The shrinking of its interest-rate advantage makes the USD less appealing and pushes investors to consider deposits in the other currencies.” Moreover, Partick Showitz believes that repetitive elements will likely affect the dollar with further downfall.

A recent decision from President Donald J Trump to delay government stimulus checks until further notice had a negative impact on the bitcoin price. As soon as, the decision was announced, the prices of bitcoin drastically went down. It was reported that with the first and second check many Americans gambled their luck on bitcoin, however, knowing that government help is delayed scares people out of investing.

So far the Bitcoin price is ranging between $10,500 and $11,000, however, that could change because of the recent pandemic and upcoming elections. Currently, the market is immensely troubled and tough to predict. Perhaps not in the distant future positive changes will come, although, right now it should be advised to hold down any hopes.