Bitcoin's Price Reacts to Biden Presidential Win

Traders are split over whether Biden's win is good or bad for Bitcoin.

2 min read

Nov 7, 2020

Bye bye, Trump! Fake news media Decrypt was one of several media outlets to call the win for Democratic candidate Joe Biden today after he cinched the vote in Pennsylvania.

Trump argues that he won and that (President?—just trying it on for size) Joe Biden is a fraud and a crook. He plans to contest the vote in a series of lawsuits starting Monday.

While Trump seethes, Bitcoin traders consider how to handle the news.

Remember, unlike stock market day traders, who occasionally see their families on evenings and weekends, Bitcoin traders must remain awake at all hours, every day, forever.

Immediately after the news, the price of Bitcoin dropped from $15,369 to lows of $15,190, then bounced back up to $15,343, and then dropped to its current price of $15,317, according to data from CoinMarketCap.

Who can blame 'em? Biden's win is a plus for many young, socially liberal Bitcoin traders, but the loss of deregulator-in-chief Trump is bad for the fiscally conservative types who hate central banks and anything to do with the government. The battle rages!

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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