Oct 21, · What would it mean for Bitcoin (BTC), if the Democrats manage to pull off a clean sweep in the coming US elections? An election outcome where Joe Biden defeats Donald Trump in the presidential race and Democrats win a majority in both chambers of Congress would most likely mean more financial stimulus but could trigger the Federal Reserve to raise interest rates earlier than . Sep 26, · By 24crypto.de: Bitcoin-bashing Democrat Congressman Brad Sherman is urging his colleagues to pass a law that would ban cryptocurrencies in the United States. “I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by . Oct 06, · Crypto analyst and economist Alex Krüger says Bitcoin will “moon” if Democrats win the upcoming presidential and congressional elections. Krüger also says a Democratic victory will be bullish for gold, silver, and base metals, but bearish for the US dollar and crude oil.
Bitcoin democratsKruger: Bitcoin 'Moons' if Democrats Sweep Upcoming U.S. Elections | Cryptoglobe
According to Nathaniel Whittemore, a cryptocurrency analyst, this move could help Bitcoin. He explained this theory by pointing towards a theoretical four-step process that may take place if this text becomes reality:.
Step 4: Do you really need me to say it? Bitcoin pic. Notably, the stimulus could happen without a digital system, but a digital system available to anyone with access to the internet would likely increase the efficacy of the measures, thereby increasing the amount of money that gets created and injected into the economy.
I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. Politicians across the party divide have called for better oversight.
She called for the SEC to be the regulatory crypto body. Now, one may point out that there is nothing that backs the US dollar, either, other than sheer collective faith.
However, she in not-so-subtle terms expressed the fears of many; what is the value of cryptocurrency based on? Others, however, have a more positive opinion. Democratic Senator Chris Van Hollen, a member of the Senate Banking Committee for instance sees the importance of nurturing innovation. He was cautious of excessive regulations. This is a very welcome stance for crypto-enthusiasts out there. The basic idea of digital currency will be upstaged if the rules are too stringent.
Therefore it is correct to say that the Democratic Party is not hostile to the underlying framework of digital currency. The regulatory scope will be to the extent of its effect on markets and use as currency.
This would be an area where Bitcoin facilitates moves contrary to the interests of Democrats. This could ultimately be the deciding factor for the future Democratic legislation regarding Cryptocurrency. At the moment, there still linger, though some might argue unfairly, questions as to transparency. Lawmakers generally have the notion that unregulated currencies like bitcoin are exploited for illegal activities like money laundering.
There have certainly been documented cases of this type of criminal activity. This bad rap has been largely due to the lack of mainstream use because Bitcoin for instance bypasses the traditional banking system.
If Bitcoin for instance attains a majority in terms of legitimacy, attitudes will change like the wind. In the U. As such it cannot be compared to legal tender, however functionally similar they are. This is in regards to jurisdictional regulation. With regard to campaign donations, it is actually acceptable. Ultimately, that is the crux of the matter. The Bitcoin price today has seen a sharp rise due to the rising potential that a deal will be made between both parties to release another round of relief stimulus prior to the elections after House Speaker Nancy Pelosi said that she and Treasury Secretary Steve Mnuchin have narrowed their differences.
The BTC price has risen on this sentiment alone. As predicted by Caron of Morgan Stanley, a democratic clean sweep in the next election should definitely guarantee further stimulus packages which would be a boost for the stock markets—as Bitcoin and equities have been strongly correlated in recent months—it could also provide a boost to cryptocurrency prices.
Bitcoin investors continue to bet that the continued flood of government and central bank spending to fight the pandemic-caused economic slowdown will eventually lead to high inflation, which would also be beneficial for cryptocurrencies as the US dollar would lose purchasing power and send BTC's price surging.
This inflation theory is currently being heavily supported by an onslaught of public companies and notable Bitcoin investors such as the Winklevoss Twins and Paul Tudor Jones.