- No matter Biden or Trump wins the election, Bitcoin (BTC) will profit in the longterm.
- Keiser predicts that the Bitcoin price can rise 80x.
The eyes of the world are on the elections in the United States. The economic importance of the North American country is undeniable. Especially in a scenario of a global recession caused by the Covid-19 pandemic. The crypto market does not escape the consequences that the election will have. However, podcaster Max Keiser is optimistic about Bitcoin.
In an interview for Cryptopotato, Keiser recounts the positions of the current president of the Republican party Donald Trump and his opponent, Democrat Joe Biden. Between the two candidates, Trump has had a clearer position on crypto and Bitcoin.
In mid-2019, the president of the United States said he was not a fan of digital assets that he was unwilling to classify them as money because of their “high volatility”. Since its beginning, Trump’s administration has taken a tough stance and as the current president’s former national security advisor, John Bolton, stated, there were instructions to “go after Bitcoin”.
However, Keiser believes that a Trump victory could be positive for Bitcoin. The president is seen as a “pragmatic” head of state who would take a more pro-Bitcoin (BTC) position if he were to enter the “hash war”. That is, in a race to increase the amount of BTC’s computer power to compete with Iran and China:
(…) with Trump, who at least understands something about capitalism, the ascent of Bitcoin would be slower as I believe he would calm markets by having the US enter the global hash war that Iran now leads in a Sputnik-like call to enter the Hash Race moment. big slice of Bitcoin’s global hash rate before our competitors do. I know of several countries that will soon announce major sovereign underwritings of BTC hash rate to try and oust Iran’s position.
Despite Trump’s position, regulators such as the CFTC and the OCC have taken measures that favor Bitcoin and cryptocurrencies. The presidents of both entities have shown flexibility in applying the country’s laws. In addition, it’s important to consider that under the current administration, the adoption of Bitcoin has seen a significant increase.
Not a word on Bitcoin (BTC)
During the election campaign and election debates, there was no mention of Bitcoin, as noted by the crypto community. Keiser notes that Biden has an ambiguous position. Therefore, Bitcoin could benefit in the short term from the increased uncertainty that already plays an important role in the performance of the cryptocurrency. Keiser said:
As I’ve said, a Biden win would accelerate Bitcoin’s advance as panic-buying from those looking to escape the socialists, money printers, and MMT’ers goes into hyperdrive. It will be like the 1938’s Kristallnacht (also known as the Night of Broken Glass or the November Pogrom), jack-booted armed thugs will go door-to-door stealing property in the name of social justice.
Keiser predicted that the cryptocurrency will increase in price by up to 80 times. This will be driven by Bitcoin’s “insatiable” demand for energy. Keiser believes the incentives to mine Bitcoin will be very attractive, he added:
(Bitcoin will) consume all available energy on Earth and beyond, to create absolute monetary scarcity to elevate humanity to a more pure spiritual state of existence. Transcendence on this scale takes synchronization and massive amounts of energy.