Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Why a “Blue Wave” Biden Win Could Be the Best Scenario for Bitcoin

by admin
October 12, 2020
in Bitcoin
0
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



In a new note to investors, Goldman Sachs projects “low odds” that the dollar will close the year on a high note, chiefly due to a potential “blue wave” win where Biden sweeps the vote. These poor conditions for the greenback, however, is a best-case scenario for Bitcoin, which could benefit enormously if Democrats take office.

How a Democratic Victory & Joe Biden Win Could Positively Impact Bitcoin

2020 is unarguably the most challenging year of modern times. Capping off what has been a year of fear, uncertainty, money printing, protest, and more, is the United States’ most pivotal election in years.

Biden is currently leading Trump in the polls, and markets could soon begin to price in the ever-increasing chances of a Democrat victory in the White House. Policy change due to Dems taking over may not bode well for stocks, but it could benefit Bitcoin for several key reasons.

RELATED READING | WHY THE UPCOMING US ELECTION IS BITCOIN’S BIGGEST RISK

In the past, the uncertainty leading into the campaign season and the election has kept Bitcoin’s price from retesting all-time highs. It wasn’t until the month the current President Donal Trump took office that sent Bitcoin soaring through $1,000 to a peak of $20,000 a year later.

bitcoin biden blue wave united states election dollar

BTCUSD Monthly New All-Time High After Presidential Election Conclusion Example | Source: TradingView

But a Biden may be even more beneficial to the future of Bitcoin than the boost the crypto asset saw the last time the dust settled on the US election. For one, democratic policy is more fostering toward technological innovation, whereas the Trump administration has recently taken a hard stance against cryptocurrencies.

However, the most critical reason has a lot more to do with green, and we don’t mean their environmental policies.

Goldman Sachs: “Low Odds” The Dollar Rebounds In 2020, Risk Of Return To 2018 Low

In a recent note to clients, Goldman Sachs tells a woeful story of a weakening dollar that has “low odds” of any positive outcome by year’s end. Co-Head of Global FX, Rates and EM Strategy Zach Pandl recommended taking short positions against the dollar across two different baskets of competing currencies.

The dollar is expected to decline even further if Biden succeeds, which is now projected at a 60% chance based on the latest poll information. “In our view, a ‘blue wave’ U.S. election and favorable news on the vaccine timeline could return the trade-weighted Dollar and DXY index to their 2018 lows,” Pandl concluded.

dollar dxy bitcoin biden blue wave

DXY Correlation Over BTCUSD Monthly Price Chart | Source: TradingView

The 2018 low Pandl points to was also just after Bitcoin’s 2017 peak, and during peak altcoin season when speculation sent the prices of other top crypto assets like Ethereum and XRP to all-time highs.

RELATED READING | DOLLAR INDEX FRACTAL SUGGESTS AN INCREDIBLE ALTCOIN SEASON IS ON THE HORIZON

If Biden wins, and as Pandl suggests, a vaccine is on track for sooner than later, the safe haven of the dollar won’t be as attractive, and it could lead to enormous growth in Bitcoin and cryptocurrencies due to the dollar’s weakness.

Featured image from Deposit Photos, Chats from TradingView



Source link

RELATED POSTS

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

ShareTweetShare

Related Posts

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

by admin
July 3, 2022
0

Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator...

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

by admin
July 3, 2022
0

The Oslo Freedom Forum offers another perspective.  Seen from the standpoint of activists like these or these, the value...

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

by admin
July 2, 2022
0

On-chain data shows Bitcoin funding rates have sunk into deep negative values, something that could pave way for a...

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

by admin
July 2, 2022
0

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed...

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Lawmaker behind NY crypto mining bill clarifies it is not a blanket PoW ban

Lawmaker behind NY crypto mining bill clarifies it is not a blanket PoW ban

June 6, 2022
A Binance Headquarter In Dubai? Is CZ Discussing It With Regulators?

A Binance Headquarter In Dubai? Is CZ Discussing It With Regulators?

January 20, 2022
Bitcoin Miner CleanSpark Surges on Plan to Sell Legacy Energy Business

Bitcoin Miner CleanSpark Surges on Plan to Sell Legacy Energy Business

February 14, 2022
UFC Taps VeChain as First Official Layer 1 Blockchain Partner

UFC Taps VeChain as First Official Layer 1 Blockchain Partner

June 9, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%