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As some members of the community continue to question the outcome of the US presidential election, the mainstream media and the Associated Press have definitely called for the race for former Vice President and current President-elect Joe Biden.
But with the uncertainty ruled out, traders and analysts are now looking to determine what a Biden administration will mean for cryptocurrencies – and they seem to have come to a broad consensus that a president who says nothing about crypto is better than a president who actively denigrates him.
Qiao Wang, head of the decentralized funding accelerator DeFi Alliance, applauded Trump’s loss, noting that the president has tweeted negatively about Bitcoin and Libra in the past:
The fact that Trump and Mnuchin are hostile to BTC makes Trump a much inferior candidate. Complete stop. However, the senate part is questionable. You could argue that Democrats are more likely to create inflation, which is good for BTC.
– Qiao Wang (@QwQiao) November 8, 2020
Meanwhile, investor Mike Novogratz agreed that a Democratic administration would be good for crypto, saying that an ongoing stimulus program would strengthen Bitcoin’s anti-inflation narrative:
Wore my lucky hat to Biden. Go $ BTC. Come on Biden. https://t.co/AwVxCsUAJm
– Mike Novogratz (@novogratz) November 4, 2020
At the macro level, Cointelegraph previously reported that a new Biden administration could support markets as uncertainty sets in and hopes of further stimulus are high, but that these efforts could also cripple cryptocurrencies via a dollar. stronger.
There has also been a lot of speculation regarding the crypto inclinations of key people appointed to the next administration. Jake Chervinsky, Compound’s general counsel, noted that President-elect Biden’s name will be more important than the personal opinions of the new president:
President-elect Biden has not said anything publicly about his take on crypto. At the moment, this really isn’t a big enough problem to merit his attention.
The next four years of US crypto policy depend on who he appoints to key positions; we will know more as the transition progresses.
– Jake Chervinsky (@jchervinsky) November 7, 2020
To that end, Politico first signaled that former CFTC and Obama-appointed chairman Gary Gensler, best known for his strict enforcement of Wall Street regulations in the wake of the 2008 financial crisis, would be part of Biden’s transition team. Gensler has spoken positively about Bitcoin in the past.
Mainstream media also reported two weeks ago that economist Lael Brainard, the former Federal Reserve governor who led a joint MIT effort to research CBDCs, is one of the Treasury Secretary’s pioneers.
Despite all the guesswork, however, the opening of the US stock market next Monday will ultimately give a clearer picture for speculators. A popular Twitter trader said:
monday is coming
– starbust (@inversebrah) November 8, 2020
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