Komal Joshi · Oct 20, 2020 . 5min read
Bitcoin Price was $631 during the last US Presidential Elections Debate in October 2016
Bitcoin price was $631 during the last US Presidential Elections Debate in October 2016 and since then its increased phenomenally.
By Victor Ugochukwu · Sep 30, 2020 . 8min read
The first wave of the US Presidential Elections Debate has just happened between the two contenders from both parties. As the aspirants slug it out, there’s another angle to this epochal event, and that bothers around Bitcoin. Hobnobbing down memory lane, one will better appreciate Bitcoin price as of today when you check how much it was worth back then during the third presidential debates between Trump and Hillary on October 19, 2016.
Bitcoin was just around seven years in 2016 after Satoshi launched the network on January 3, 2009. Its price went from zero to $631 by the time the third Presidential Elections Debate was held during October 2016.
And within one year after US Presidential Elections debate, Bitcoin would climb to its all-time high at $20,000. Although the price retraced by 83% in December another one year later, it has since rebounded. Bitcoin price as at the time of writing is trading at $10,710. For context, since July 26th till date, Bitcoin price has not fallen below the $10k region. This is the longest record of Bitcoin maintaining above the $10k price region.
History is replete with horrific stories of the stock market crash. Perhaps the most notable examples are the Great Depression of the 1930s or Economic recession that rocked the world in 2008. And since when Bitcoin was established and today, amidst the extreme volatility the digital asset exhibits, it has become the best performing asset class. Little wonder Bitcoin enthusiasts are quick to point out that “Bitcoin volatility is a feature and not a bug”.
Bitcoin Price appreciation between the last U.S. Presidential Elections Debate and today, a rich perspective
Sometimes people may not appreciate how far the cryptocurrency industry has come until we factor in some of these perspectives. In the Third Presidential Elections Debate which is obviously the reference here, Bitcoin’s total market cap was $10 billion. A little above one year later it went from that figure to $334 billion. Even though many financial experts described that growth as a bubble which inevitably burst, today it’s $198 billion with just half the price then.
Clearly, Bitcoin and the cryptocurrency industry has come a long way in just eleven years since the digital asset revolution kicked off. It is no longer about the name bashing from JP Morgan’s of this world but the rush to take a comfortable position in the new digital Gold.
Microstrategy invests in Bitcoin and does not take it lightly; Grayscale is doubling down to deepen its position in cryptocurrencies. Anyone may ascribe different reasons as to why these institutional investors are coming along. However, one thing remains, different Fiat currencies are failing. Turkish Lira recently took a nosedive. The Federal Reserve of the U.S. seems to be a printing-spree of the dollar as a way of softening the COVID market crash shock on its economy. The E.U. is not any better either.
The argument as to Bitcoin not being a safe haven from fiat inflation and the stock market may rage on. But the fact remains, Bitcoin has appreciated by more than 1,600% since the last presidential elections debate in 2016 and now. It will therefore be interesting to keep a record of what happens in 2024 during the same period.
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Victor Ugochukwu · Oct 20, 2020 . 5min read