Polls seem to indicate that Donald Trump’s path to reelection is increasingly hampered as Democrat Joe Biden’s lead grows. Is Trump’s non-reelection positive news for Bitcoin?
Good for Bitcoin, nightmare for DeFi
The latest crypto newsletter carried out by Bloomberg suggests that the election of Joe Biden as president of the United States would be good for Bitcoin (BTC) by increasing its adoption.
In fact, according to CoinTelegraph, the bulletin points out that the possible presidency of Biden would cause a significant appreciation of the price of Bitcoin.
However, it seems that this projection is based on the possibility that the new leadership will change the policy of non-intervention on the subject.
An important aspect to consider is that Bloomberg projects a growth in the valuation of Bitcoin over time regardless of the outcome of the elections. Therefore, the effect of the election of Biden would only be a catalyst for the speed of appreciation of BTC.
In addition, the bulletin concludes that if the price of Bitcoin continues to grow during the next presidential term even at half the rate it enjoyed from 2016 to 2020, it would reach USD 80,000 in 2024.
Also, despite being positive for Bitcoin, Bloomberg appeared to claim that the same forces would hamper the growth of the DeFi sector.
Who wins the elections?
According to surveys conducted by RealClearPolitics, Biden is currently beating Trump by an average of 9.7 percentage points nationally.
Therefore, we can clearly see how Trump has been losing ground in recent days. Being so close to voting, it is not clear what the strategy will be to get it back.
Not to mention, despite time running out, Donald Trump seems to be missing every opportunity that comes his way. And that could be a positive for Bitcoin according to Bloomberg.
In fact, the second presidential debate between Trump and Biden scheduled for October 15 was officially canceled on Friday. At the moment, the third debate, scheduled for October 22, is still on.
“I don’t see how Donald Trump catches Joe Biden without having two debates”, Republican pollster Frank Luntz told Bloomberg yesterday. “Without that debate, I can’t do the math to get him where he needs to be if he hopes to win this election.”
Bitcoin looks like whatever happens, whether Biden or Trump wins, the leading crypto will be on its way. However, the possible boost that Trump’s non-reelection could represent for Bitcoin is striking.