Tomorrow is the US presidential elections and that has the world with goose bumps. Meanwhile, Jeff Dorman, chief investment officer at Arca, says that the price of Bitcoin doesn’t really care who wins.
Bitcoin will expand its horizons regardless
The US presidential elections have caused a major uproar; causing, even, volatility in the stock market.
In this regard, many in the crypto community have been debating which candidate is most appropriate for the benefit of Bitcoin and whether BTC will rise or fall once the results are announced.
However, from Jeff Dorman’s perspective, the price of Bitcoin does not care what happens to the election. Dorman assures that BTC will increase in value regardless of the outcome.
“Most conservative people on Wall Street don’t want to be the first and they don’t want to be the last. Once that precedence is established, I think it opens the floodgates for everyone else. I don’t think that alone is enough to start an upward cycle, but I think it is enough… », Dorman explained to Business Insider.
Dorman’s explanation comes from what implies that large investors like Tudor Jones trust Bitcoin. According to Dorman, this is not necessarily a catalyst for a bull market, but it does reduce the fear factor of entering the market.
As Dorman explained in the interview, in general nobody wants to be the first to enter a market because it is very likely that they will also be the first to leave with the tables in the head.
However, as big Wall Street investors and big-name companies decide to bet on Bitcoin, entry frictions are reduced.
However, Dorman cautions that although it is a Bitcoin bull, it does not view crypto as a safe haven to the US dollar, although it can be a hedge against inflation.
BTC demonstrates its potential
Bitcoin has shone by itself throughout 2020, after it managed to recover and overcome the Black Thursday price drop.
According to CryptoTrend’s Crypto Online tool, the price of Bitcoin currently stands at $ 13,474. During the past week, the leading crypto managed to increase its value by 4%.
In this way, Bitcoin has offered a significant return for all its investors and especially the big ones like MicroStrategy.
What do you think? Will the price of Bitcoin be impacted by the outcome of the elections?