While some in the community continue to question the outcome of the US Presidential election, mainstream media outlets and the Associated Press have definitively called the race for former Vice President and current President-Elect Joe Biden.
But with uncertainty out of the way, traders and analysts are now looking to determine what a Biden administration will mean for cryptocurrencies — and they appear to have come to a loose consensus that a President who says nothing about crypto is preferable to a president who actively disparages it.
Qiao Wang, the lead at decentralized finance accelerator DeFi Alliance, cheered Trump’s loss, noting that the President had tweeted negatively about Bitcoin and Libra in the past:
Meanwhile, investor Mike Novogratz concurred that a Democratic administration would be good for crypto, saying that an ongoing stimulus program would bolster Bitcoin’s anti-inflationary narrative:
At a macro level, as previously reported that an incoming Biden administration may bolster markets as uncertainty settles and hopes for additional stimulus run high, but likewise these efforts could cripple cryptocurrencies via a stronger dollar.
There has also been widespread speculation concerning the crypto inclinations of key appointees in the forthcoming administration. Compound general counsel Jake Chervinsky noted that whoever President-Elect Biden nominates to posts will be more important than incoming President’s personal opinions:
To that end, Politico first reported that former CFTC chairman and Obama appointee Gary Gensler, best known for his hardline enforcement of Wall Street regulations in the wake of the 2008 financial crisis, would be a part of Biden’s transition team. Gensler has spoken positively about Bitcoin in the past.
For all the guesswork, however, US stock market open come Monday will ultimately paint a clearer picture for speculators. Said one popular Twitter trader: