Biden Election Might Prove Positive For BTC But Negative For DeFi, Reports Bloomberg

The recent Bloomberg cryptocurrency newsletter mentions that the election of Joe Biden as president of the United States would lead to increased mainstream espousal of Bitcoin, together with a probable ETF approval. Additionally, the newsletter referred to the existing policies of President Donald Trump’s administration apropos the digital assets as “hands-off”.

It mentioned, 

“A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market — and nudge the firstborn benchmark toward the mainstream, improving chances for an ETF.”

In view of the recent publication of a seventy-page report dubbed “Cryptocurrency: An Enforcement Framework” by the Department of Justice, the newsletter probably was written prior to that.

The author claims that the identical forces would hinder DeFi’s progress. Both deductions are based on the postulation that a Democratic sweep would possibly aid better governing lucidity for the digital currency domain.

Bloomberg further emphasizes that notwithstanding the election’s result, BTC’s price will keep surging no matter who’s elected president. However, the price will rise at a non-excessive speed.

Bloomberg newsletter concludes that if BTC’s price keeps on increasing during the subsequent presidential term at even half of the speed it witnessed from 2016 to 2020, it would touch the eighty thousand USD mark by 2024.