- Bitcoin was less than a tenth of its current price the last time a US presidential debate took place.
- During the last four years, Bitcoin set all-time records before settling at relatively more stable prices.
- Yesterday, neither candidate talked about Bitcoin, but the crypto asset is proving its strength.
The last time a presidential debate took place in America between a Republican and Democratic candidate, the price of Bitcoin was less than a tenth of its current value, as spotted by Travis Kling, chief investment officer at Ikigai Asset Management.
It goes to show just how much can change in four, short years.
The last half decade has seen Bitcoin go through some high-profile moments, some good, some bad. Various Bitcoin clones were born, a “Buy Bitcoin” sign was held up in the US Congress, and Carlos Matos shouted his love for BitConnect before it was shut down amidst claims it was a Ponzi Scheme. Yet, perhaps the biggest change has been in Bitcoin’s price.
“For the record, the last time we had a presidential debate, the price of #Bitcoin was $617,” tweeted Kling. (It's worth noting that estimates will vary as to Bitcoin's precise price at any given time, depending on where it's being traded.)
The last presidential debate
The last time the US saw a one-on-one presidential debate was October 19, 2016. As we all remember, this debate saw Hillary Clinton and Donald Trump face off. According to CoinMarketCap, Bitcoin’s price on this date was closer to approximately $630.
This was the third and final debate between both then-candidates, with the previous two debates taking place on September 26, 2016 and October 9, 2016. Bitcoin saw its price gradually increase during the period, rising from $600 on September 26 to $714 by the end of October.
That increase made sense within the wider 2016 context, with Bitcoin starting the year at approximately $430, and ending it hovering around $960.
Over the next few years, Bitcoin hit all-time highs before crashing down again.
Bitcoin’s Christmas bull run
After a year of gradual increase in 2017, Bitcoin signed off the year with a bull run that saw the famed crypto asset reach its all-time highest value.
Between December 2017 and January 2018 Bitcoin reached highs that nearly broke the $20,000 mark. This bull run still represents Bitcoin’s all-time highest value, and, until recently, also represented Bitcoin’s longest period of consecutive days above $10,000.
Lower in value, but showing resiliency
At the moment, Bitcoin is busy entering uncharted territory for the longest period of consecutive days above $10,000.
Bitcoin is adding to this achievement relatively quietly, too. During last night’s debate, neither candidate said anything meaningful about Bitcoin, though there were plenty of barbs traded about the broader US economy. In other words, Bitcoin might have fallen from the highs of late 2017, but this record-setting period is showing promising signs of stability for crypto’s most popular asset.
The crypto community was not impressed with either candidate’s performance last night, even openly suggesting abstaining from voting.
“Voting is a waste of time because you can’t independently verify the results. You have to trust third parties. With Bitcoin, you can verify. Don’t vote, acquire Bitcoin,” said Pierre Rochard, Bitcoin strategist at Kraken.
The one thing most people in crypto still agree on? Bitcoin.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.