The price of Bitcoin is rallying despite the U.S. elections is currently undecided. The leading cryptocurrency climbed to a 33-month high of $15,205 at the time of writing this article, making the year-to-year gains over 108%. BTC has risen by over 45% in the last four weeks alone.
Prices experienced a minor decline from $14,000 to $13,520 during Wednesday’s Asian trading hours after President Trump’s victory in the state Florida and other battleground states. This appeared to reduce the possibility of a bigger fiscal spending by Democrat Joe Biden’s administration. This decline, however, was short-lived and the cryptocurrency resumed its trend up, likely on expectations for continued Federal Reserve stimulus.
“We don’t know what a potential post-election stimulus may be like, but investors seem to believe that the Fed will keep the printing machine working at a rate that favours Bitcoin’s finite supply,” said John Kramer, who is a trader at GSR.
“If there is a social upset due to a Trump win, the Federal Reserve will print. However, if the election results in a Democrat victory and taxes rise, the dollar starts falling because the Fed will print more, and more, and more,” stated Bill Noble, an analyst at Token Metrics.
According to recent reports, Democratic party candidate Joe Biden is in a better position to win the White House, however, this is likely to be a prolonged game with President Trump determined to file lawsuits in contested states trying to pause postal vote counts until his observers have the chance to review the counting process.
