Bitcoin vs Trump – How Will the Upcoming US Elections Affect the Crypto Market? | AIBC Summit

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Bitcoin overtook gold in payback amid US elections
CONTENT

  • Bitcoin significantly overtakes gold in terms of payback amid US presidential elections

  • Cryptocurrency has become the most profitable asset in 2020

  • The growth of cryptocurrency may still be hampered by the struggle for the Senate, according to Bloomberg

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The largest cryptocurrency in terms of capitalization turned out to be four times more profitable than precious metal amid the US presidential elections, Bloomberg notes

The rise in the price of bitcoin during the US presidential election has led to the fact that this year cryptocurrencies outpaced traditional assets like gold in terms of payback.

Bitcoin overtook gold in payback amid US elections

This is reported by Bloomberg. Bloomberg Galaxy Crypto Index Focused On Cryptocurrencies Gains About 120% In 2020, More Than Four Times Gold.

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Source: bloomberg.om

Cryptocurrency Index Gains About 11% Since Election Day.

Bitcoin overtook gold in payback amid US elections

It is assumed that the growth in the price of the cryptocurrency was played by the worsening pandemic and the weakening of the dollar amid soft monetary policy.

Premature victory

However, Bitcoin may face new growth barriers on its way. A tough fight for the Senate could still lead to Republicans taking control of the House, reducing the likelihood of large financial stimulus, Bloomberg noted. Lack of helicopter money could prevent Bitcoin from reaching new highs in the short term.

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Despite weak network indicators, including a collapse in mining complexity, Bitcoin still managed to overcome the level of $ 15 thousand for the first time in three years.Binance cryptocurrency exchange analysts believe that it was not the coronavirus or the dollar that helped in the largest cryptocurrency by market capitalization, but the growth of the Grayscale fund, an increase the volume of tokenized bitcoins in Ethereum, as well as the official announcement of support for the cryptocurrency market PayPal.

Where will bitcoin go next and what psychological levels can prevent it from reaching its all-time high – read the special material from BeInCrypto.

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Bitcoin overtook gold in payback amid US elections

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