As the 2020 U.S. presidential election approaches, on Twitter, two crypto traders shared their predictions on how Bitcoin’s price will respond to the event.
“If we have a clear winner and an easy transition of power, I do not see much of an impact on the price per coin,” trader BigCheds told. “On the other hand, if we have a close and/or contested election, we should see a bounce in risk-off assets like gold and Bitcoin.“
The election is a review of the crazy year of 2020, with various other variables still at stake. Given what we have seen in the past due to the pandemic and the global economy taking a toll, this election year is undoubtedly different.
In the weeks leading up to November’s presidential election, Crypto Twitter was packed with political talk. The incident occurs at the end of a year with pandemic threats, company shutdowns, and economic troubles.
Government stimulus money also plays into the equation, failing to conclude more economic assistance by the present administration. Both conventional and crypto markets responded to reports that the president had agreed to postpone further stimulus talks until the election was over.
Bitcoin’s price just broke up above $11,000 in the short term, shining a ray of hope.