Joe Biden’s Crypto Impact Is Unclear As He Wins Presidency

mezzaluna

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Quote from: avikz on November 09, 2020, 09:13:28 AM

Joe Biden is a 77 year old Democrat and Democrats are known for social conservatism but economic liberalism. While I don't think Joe Biden will take any drastic step against cryptocurrencies but given his age, there's a risk from policy perspective! Even though nothing is clear at this moment and I am sure nothing else will come up in next 6 months because Joe Biden will look at the priority concerns first.

So let's not get worried at this time because no one knows what policy impact Joe will bestow upon the market. Just wait and watch! The price drop has nothing to do with US presidential election. It is possibly a profit booking menace we have seen!

I absolutely agree with you. People are throwing out their wild speculations regarding the connection of Cryptocurrencies and elections while in the past nobody did that and there is no true connection UNLESS that person will have some platform that will promote or demote Cryptocurrencies. It might also depend on the Finance Department that Biden would appoint. Bitcoin will move accordingly so lets just ride whatever is happening.

Kong Hey Pakboy

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Quote from: cryptomaniac_xxx on November 11, 2020, 02:43:21 AM

Quote from: sheenshane on November 10, 2020, 05:45:46 AM

Quote from: cryptomaniac_xxx on November 10, 2020, 02:41:07 AM

I really don't understand why Biden will have an impact on crypto though, let's all assume that the US President will not do any drastic or hard line stance on bitcoin. They have their own agencies like IRS, SEC and other others that will take care of everything related to any other form of investments. So I guess it about time to stop this whole speculation on Biden winning the Presidency and it's impact whether unclear or not to the whole financial markets.

There is, it will depend on the action he has towards Bitcoin and other cryptos.

Trump didn't do anything towards bitcoin or the rest of other cryptos, what do you think Biden will be any different at all?

You already said it yourself, crypto wil not be his priority when he takes over, maybe he will issue some statements that will affect crypto and stock market, but it will be just short term. Unless he calls for US to put their reserve assets into bitcoin, then it will have a dramatic effect. But I don't believed that he will take the course of action.

You have a good point. I think Biden would just ignore the existence of bitcoin and other cryptocurrencies like Trump does because he stated he is not a fan of bitcoin, that is why the the US presidential election is still unclear. But i think it will not affect on bitcoin's market price whether Donald Trump or Joe Biden will win the election because the government don't really care about bitcoin because they can't manipulate it.

kentrolla

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This is the problem in change of leader, because trump administration was more open to Crypto and fed has been showing hints into mass adoption. Now everything is back at square one, in fact Biden made a statement that he'll be abolishing trump's insane law policy, and this might also affec t the coming plans for Bitcoin and cryptocurrency technology.

This will definitely happen and I hope Biden's policy in every aspect will be unique, In my personal opinion biden's government will come with new regulations on crypto.

If they favour crypto currency in public interest I am sure the price of each and every coin will increase, but to initiate all these stuff I think it may take time. Until then we need to wait.

cryptomaniac_xxx

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Quote from: sheenshane on November 10, 2020, 05:45:46 AM

Quote from: cryptomaniac_xxx on November 10, 2020, 02:41:07 AM

I really don't understand why Biden will have an impact on crypto though, let's all assume that the US President will not do any drastic or hard line stance on bitcoin. They have their own agencies like IRS, SEC and other others that will take care of everything related to any other form of investments. So I guess it about time to stop this whole speculation on Biden winning the Presidency and it's impact whether unclear or not to the whole financial markets.

There is, it will depend on the action he has towards Bitcoin and other cryptos.

Trump didn't do anything towards bitcoin or the rest of other cryptos, what do you think Biden will be any different at all?

You already said it yourself, crypto wil not be his priority when he takes over, maybe he will issue some statements that will affect crypto and stock market, but it will be just short term. Unless he calls for US to put their reserve assets into bitcoin, then it will have a dramatic effect. But I don't believed that he will take the course of action.

wilkine

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Quote from: avikz on November 09, 2020, 09:13:28 AM

Joe Biden is a 77 year old Democrat and Democrats are known for social conservatism but economic liberalism. While I don't think Joe Biden will take any drastic step against cryptocurrencies but given his age, there's a risk from policy perspective! Even though nothing is clear at this moment and I am sure nothing else will come up in next 6 months because Joe Biden will look at the priority concerns first.

So let's not get worried at this time because no one knows what policy impact Joe will bestow upon the market. Just wait and watch! The price drop has nothing to do with US presidential election. It is possibly a profit booking menace we have seen!

Agreed!

manfredmann

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We should not rely in any government system or authority for the bitcoin to prosper. Remember that bitcoin has its own rules and as much as possible the government should not interfere with bitcoin system and same goes to the bitcoin itself. The bitcoin system runs independently and the members are the one that dictates the market. Whoever uses bitcoin agrees to what bitcoin is all about and no should be blame if anything goes wrong with it.

erikoy

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Well he has no interest in cryptocurrency and that just it. So? What can we expect? We should not expect something from them.We have already the best system runs towards the bitcoin system there is no doubt about that. I think their influence might not be needing anymore as long as bitcoin is running good and functional then that is better ans enough for us to continue what we like in cryptocurrency.

aesma

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Quote from: davis196 on November 10, 2020, 01:26:54 AM

I can't agree with the democrats being "socially conservative". Actually,it's quite the opposite.
The democrats are socially liberal and "economically socialist" in their views.

Mainstream Democrats are barely social-democrats, certainly not socialists. In Europe the Democrats would be a right-wing party.

They want more taxes than the GOP, not difficult since the GOP wants as little taxes as possible, so I could see some move to tax crypto in one way or another.

CarnagexD

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Because he does not have a direct impact with it. Not unless he imposes a ban on cryptocurrencies or bitcoin for that matter, I don't see how his presidency will beable to control bitcoin's price or regulate it at all. He's just like aby pther president the US had, none of them being able to do something about bitcoim altogether.

carlfebz2

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Quote from: Baofeng on November 10, 2020, 05:08:11 PM

I have a feeling that this article is just a click bait article. Anyways, the same goes with Trump when he was elected, but in the four years he was a sitting President, nothing has change, on the contrary, the price of bitcoin went from $700, 2016 when Trump won, and then the price of today $15k, so we can say that whoever is the President, bitcoin will carry it's own and will continue to grow. Biden can surround himself with pro-crypto advisers, but then will not do act anything.

Its just coincidence imho where the price had shoot up when Trump was still on the position but it wont really be that precise to say that his presidency do really affect the crypto market.

I dont really see a reason on why people are really fan on connecting the dots even its clear that cryptoccurency market doesnt rely or depend on anything.It can move into its own

without any influenced by other things and this is what makes this market a better choice but also a very risk one when it comes to volatility but still there are lots
of people whom do support inspite of thos cons.

And now that Biden's on the seat then i dont really expect much towards his crypto views.

Baofeng

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I have a feeling that this article is just a click bait article. Anyways, the same goes with Trump when he was elected, but in the four years he was a sitting President, nothing has change, on the contrary, the price of bitcoin went from $700, 2016 when Trump won, and then the price of today $15k, so we can say that whoever is the President, bitcoin will carry it's own and will continue to grow. Biden can surround himself with pro-crypto advisers, but then will not do act anything.

lebregone

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We can't do a thing if they will impose some rules that are against the crypto currencies as they are the winner of the election so what we can do as of this moment is to hope that they will not create some rules or policy that will endanger the crypto in the US.

I cannot see also that the drop of 4% in btc is because of the effect of the election, I can see that it is only natural on how the market works. I didn't even think that bitcoin can hit 15k before the setback to happen, so this is already a big achievement for bitcoin.

BIN-BIN

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Quote from: Josefjix on November 10, 2020, 12:35:03 AM

Quote from: abderrazak belkhir on November 10, 2020, 12:21:16 AM

I dont think that the fate of cryptocurrency in the united states will determined by joe biden
Biden belong to an old generation and i dont think he interested in crypto
I think we must wait until joe announces his set of ministers after that we can predict the fate of crypto

His age doesn't matter though as most people have said up there "His main priority isn't cryptocurrencies, but Covid-19". I don't know how his economic policies were during his tenure as vice president, he must be a fan of technology you can't tell. Whichever way he might likely play in Cryptocurrencies his main objective wouldn't undermine the digital dollar imo.

Despite the fact that covid-19 was the center of Joe Biden campaign it very clear that there are still some key sectors that his interest is in, e.g the economic recovery which cryptocurrency fall in that sector so am very optimistic that he will look into cryptocurrency and how to regulate to fit into the economy.

hatshepsut93

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When Trump got elected, some Bitcoiners were cheering, because he's a republican, and republicans love small state! 4 years later, he tweeted that Bitcoin isn't a real currency, only US dollar is. Luckily it didn't went further than this. I really don't think we should worry about Biden now, he has way too much on his hands right now - coronavirus, economic problems, racial tensions in the US, foreign policy and so on.

wack slacker

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Big corporations or corporations are investing money in Bitcoin and others are following along. Biden only decides on cash flow and a few policies related to the economy and may not affect the crypto market much.
The current crypto market has a very small capitalization compared to other markets, I believe that the uptrends still have the upper hand for this market as they have had a strong bearish cycle before.

sheenshane

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Quote from: cryptomaniac_xxx on November 10, 2020, 02:41:07 AM

I really don't understand why Biden will have an impact on crypto though, let's all assume that the US President will not do any drastic or hard line stance on bitcoin. They have their own agencies like IRS, SEC and other others that will take care of everything related to any other form of investments. So I guess it about time to stop this whole speculation on Biden winning the Presidency and it's impact whether unclear or not to the whole financial markets.

There is, it will depend on the action he has towards Bitcoin and other cryptos.

I tend to agree that as of this moment time the US newly elect president Biden may not focus on Bitcoin nor any cryptocurrencies but later rest assure he will still make some actions towards it. Though his actions whether positive or negative it will only have less impact globally for bitcoin is a decentralized currency and will never rely on the president's acceptance but if in case that Biden will legalize bitcoin in the US it will be advantageous to us for it will be hype for global adoption.

As of now, there's unclear action yet but let's do hope it is in favor of the cryptos side.

cryptomaniac_xxx

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I really don't understand why Biden will have an impact on crypto though, let's all assume that the US President will not do any drastic or hard line stance on bitcoin. They have their own agencies like IRS, SEC and other others that will take care of everything related to any other form of investments. So I guess it about time to stop this whole speculation on Biden winning the Presidency and it's impact whether unclear or not to the whole financial markets.

lovesmayfamilis

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Biden has never expressed his views on bitcoin in the past. But many of those around him are hoping for an improved attitude towards cryptocurrency politics. Therefore, everything depends on the people who will be involved in the Biden administration.
They need to be familiar with the cryptocurrency space to competently implement this industry.

https://www.coindesk.com/biden-beats-trump

davis196

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Quote from: avikz on November 09, 2020, 09:13:28 AM

Joe Biden is a 77 year old Democrat and Democrats are known for social conservatism but economic liberalism. While I don't think Joe Biden will take any drastic step against cryptocurrencies but given his age, there's a risk from policy perspective! Even though nothing is clear at this moment and I am sure nothing else will come up in next 6 months because Joe Biden will look at the priority concerns first.

So let's not get worried at this time because no one knows what policy impact Joe will bestow upon the market. Just wait and watch! The price drop has nothing to do with US presidential election. It is possibly a profit booking menace we have seen!

I can't agree with the democrats being "socially conservative". Actually,it's quite the opposite.
The democrats are socially liberal and "economically socialist" in their views.
People,who aren't familiar with the US political system,have to know that Biden doesn't have such big power and authority to make big changes.I assume that it depends on the US Congress and Senate to impose bills that have impact over the cryptocurrency industry.
The Senate is still dominated by the republicans,who can stop any bill coming from the democrats,so Biden will have to negotiate with the republicans.
Anyway,there are way bigger problems,which Biden will have to face,so he couldn't care less about the cryptocurrency industry.

Josefjix

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yes

Quote from: abderrazak belkhir on November 10, 2020, 12:21:16 AM

I dont think that the fate of cryptocurrency in the united states will determined by joe biden
Biden belong to an old generation and i dont think he interested in crypto
I think we must wait until joe announces his set of ministers after that we can predict the fate of crypto

His age doesn't matter though as most people have said up there "His main priority isn't cryptocurrencies, but Covid-19". I don't know how his economic policies were during his tenure as vice president, he must be a fan of technology you can't tell. Whichever way he might likely play in Cryptocurrencies his main objective wouldn't undermine the digital dollar imo.

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