Bitcoin is not interested in U.S. election results
Tomorrow is the U.S. presidential election and that has the world on edge. Meanwhile, Jeff Dorman, Arca’s investment director, assures that the price of Bitcoin really doesn’t care who wins.
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The U.S. presidential elections have caused a major uproar; even causing volatility in the stock market.
In this regard, many in the crypto community have begun to debate which candidate is most appropriate for Bitcoin’s benefit and whether BTC will rise or fall once the results are announced.
However, from Jeff Dorman’s perspective, the price of Bitcoin doesn’t care what happens with the election. Dorman claims that BTC will increase in value regardless of the outcome.
„Most conservative people on Wall Street don’t want to be first and don’t want to be last. Once that precedence is established, I think it opens the floodgates for everyone else. I don’t think that’s just enough to start a bullish cycle, but I think it’s enough…“ Dorman told the Business Insider.
Dorman’s explanation comes from the fact that large investors like Tudor Jones trust Bitcoin. According to Dorman, this is not necessarily a catalyst for a bullish market, but it reduces the fear factor of entering the market.
As Dorman explained in the interview, in general no one wants to be the first one to enter a market because it is very likely that they will also be the first one to exit with the tables in their heads.
However, as large Wall Street investors and reputable companies decide to bet on Bitcoin, entry frictions are reduced.
Nonetheless, Dorman warns that while he’s a Bitcoin bull, he doesn’t see crypto as a safe haven for the U.S. dollar, although it can be a hedge against inflation.
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Bitcoin has shined on its own throughout this 2020, after it managed to recover and overcome the Black Thursday price drop.
According to Crypto Online’s Crypto Trend tool, Bitcoin’s price currently stands at USD 13,474. Last week the leading crypto managed to increase its value by 4%.
This way, Bitcoin has offered a significant return for all its investors, especially the big ones like MicroStrategy.