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This is your talking captain: Due to uncertainty about who will win the US presidential election on Tuesday, the price of Bitcoin dropped to $70,000 on further notice — please HODL.
Okay, now that the critical moment has passed, the price of Bitcoin almost reached a peak above $73,770 earlier this week, falling just $200 short of around $73,500. As I noted last week, markets have been pricing in a Trump victory, which will see his positive policies around Bitcoin and other financial markets put into place.
Unfortunately, however, with 4 days to go before the election, there is a feeling in the air that Kamala Harris can still win as she has surpassed Trump in the chances of winning the states of Wisconsin and Michigan.
This race is going to be much closer than the markets have been predicting for the past few weeks.
If Trump wins, many expect BTC to rise due to his promised positive policies. Bitcoin would be poised for a massive rally and even the $800 billion bank Standard Chartered predicted prices of $125,000 if the Republicans sweep the election.
If Harris wins on the other side, things could be different. Because he has basically no policies regarding Bitcoin (let alone good ones) voters can only assume that he will continue the Democrats’ 4 year long attack on the Bitcoin industry.
Amazingly, there isn’t even a public record, video or written, of him saying the word Bitcoin before. $700 billion wealth manager Bernstein said in early September that if Harris wins, Bitcoin’s price could drop as low as $30,000.
I think predicting Bitcoin prices at $30k is pretty good, and that they won’t go down that much if he wins. But I believe it will be too late to hit the new one all the time until at least next year. I’d love to be wrong about that though.
As we head into this election, regardless of the outcome, I will be HODLing my bitcoin. Although the price may go up or down significantly in the short term, it is still the best asset to own in times of uncertainty. And this is a time of uncertainty that will greatly define the future of this industry in the US.
That said, the all time high has been postponed until further notice – please HODL.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.
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