The US Presidential elections for 2020 are certainly making their way into the history books, but it is not quite over as yet. While the Associated Press and a number of other mainstream media outlets, have already proclaimed Joe Biden as the winner, the Trump Administration has not accepted this decision. The former Vice President has now been declared as the new President-Elect, yet Trump supporters are crying foul and there have been several appeals made in various states for recounting of the votes. However, when it comes to crypto analysts and traders, a lot of the uncertainty has now been cleared up.
Now, they are looking forward to seeing what the future Biden presidency will bring for crypto. According to the chatter that has been head-on on social media platforms, such as Twitter, the general consensus appears to be that having a president that doesn’t have much to say about crypto is a much better option than one who is openly against the concept of digital currencies. The lead of the decentralized finance accelerator DeFi Alliance is Qiao Wang. Like many others, he was also pleased with a Biden victory and said that it was good for them because Trump had already expressed negative sentiments about Bitcoin and Libra in the past.
An investor of note, Mike Novogratz also shared his opinion regarding this matter. He believes that having a Democratic administration would prove to be beneficial for the crypto space. He also highlighted that a new stimulus package would give Bitcoin a solid boost because of the crypto’s anti-inflationary nature, even though it might be detrimental to the U.S. dollar itself. On a large scale, it has already been reported that markets might see a boost in general due to the Biden administration because the uncertainties will finally be clearing up now.
Moreover, there is also hope for another fiscal stimulus package to be introduced, which will further devalue the USD. But, as far as crypto analysts and traders are concerned, any move that could strengthen the US dollar could be damaging to the crypto space because the two seem to have an antagonistic relationship. Another vital point of speculation is about the key appointees in the new administration and their opinion and perspective in regard to cryptocurrencies. The General Counsel to the Compound, Jake Chervnsky highlighted that those who will be nominated for posts by Biden should also be taken into consideration.
It is not just Biden’s opinions that are going to make a difference, but the opinions of those he nominates will also make a difference. Keeping that it mind, it was already reported by Politico that the former chairman of the CFTC and an Obama appointee, Gary Gensler will be one of the members of Joe Biden’s transition team. Gensler is recognized for his hardline enforcement where Wall Street regulations are concerned, after the financial crisis that took place in 2008. In turn, Gensler has made some positive comments about Bitcoin previously.