Joe Biden sits in the White House. So far, no one knows exactly what it will mean for cryptocurrencies. Indeed, American Democrats are generally friendlier to the regulation of an unfettered environment. And the cryptocurrency market is exactly one.
Even before the start of the weekend, the price of Bitcoin hit the $ 16,000 mark. The oldest digital currency has thus reached the levels where it was last located less than three years ago. Shortly after it became clear that Joe Biden had won the number of voters needed to enter the White House, the price of Bitcoin dropped dramatically. The decline stopped just above $ 14.5 thousand and there has been a slight correction since then. On Sunday night Central European Time, Bitcoin traded above $ 15,300.
But what will the chosen Joe Biden mean for cryptocurrencies in the long run? Biden himself has hardly commented on cryptocurrencies. At the same time, it can be assumed that as a representative of the Democratic Party, he could be in favor of attempts to regulate the cryptocurrency state. On the other hand, Biden can be expected to support the Fed’s current loose monetary policy, which could finally help the price of Bitcoin grow faster than we could see since the halving in May. However, Joe Biden remains largely unknown to the cryptocurrency markets. For now.