Victor Ugochukwu · Dec 1, 2020 . 8min read
Whatever is the outcome of the US Elections, Bitcoin remains apolitical
Amidst the uncertainty of US Elections, the stocks became bearish whereas Bitcoin gained momentum and almost touched $14K.
By Victor Ugochukwu · Nov 4, 2020 . 6min read
November 3rd is perhaps one of the most popular dates in 2020. It’s the date for the US Presidential Elections and everywhere is already supercharged. The race is between an incumbent Trump and challenger Joe Biden who served as Vice President with Barack Obama for eight years. The market already started reacting from last week with bearish signs due to uncertainty as to what will happen tomorrow. But while the stocks became bearish, possibly due to the heightened uncertainty in US Elections, Bitcoin gained and almost touched $14K. Whatever happens as the outcome of the 2020 US Presidential Elections, Bitcoin is apolitical.
According to Glassnode, a cryptocurrency analytics firm, Bitcoin gained an overall 5.2%. This gain was amidst the jive up and down in price. The most important thing is that after the elections, Bitcoin would have seen at least two successive US administrations which have in one way or the other mentioned about Bitcoin.
The point is this; Satoshi designed Bitcoin to withstand any form of censorship from the state. He also made sure to input an encrypted message in the genesis block of the network. His point was that even though banks engage in flagrant acts of malfeasance, they still and always have their buddy government to bail them out any time. And this the government do in the guise that “banks are too big to fail”.
While the bailouts roll out for governments who have become the cronies of banks, the average taxpayer is left to suffer the consequences of the bad and mismanaged economy.
Therefore, over the years, people, corporate organizations and even some governments have begun acquiring bitcoin. They do this to hedge against the impending financial apocalypse.
Cryptocurrency prediction markets are having a field day towards the US Presidential Elections.
What’s with an election that the cryptocurrency industry cannot spin out some gains? If anyone has realized one thing, it’s that the industry likes to experiment, and that experiment breeds innovation. The crypto prediction markets are heated up already. For, Augur has seen a considerable jump in activities recently. People have been staking on the possible outcome of today’s elections.
Will it be Trump or Biden? Well, they are putting their money where their belief is. And as they win, there’s almost little to no friction in converting to BTC and staking up their statistics. The apolitical nature of cryptocurrencies, especially Bitcoin, is the reason why even with wild predictions, the clampdown is almost impossible.
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Komal Joshi · Nov 30, 2020 . 5min read