Bitcoin breaks free from political outcomes, continues upward trend

11/08/2024 04:44
Bitcoin breaks free from political outcomes, continues upward trend

Bitcoin's price climbs post-election, propelled by fundamentals, unaffected by political outcomes.

Bitcoin's trajectory post-election was the focal point of a conversation between Scott Melker, Host of The Wolf of All Streets, and George Tung, Host of CryptosRus. In the aftermath of the recent U.S. election, the two explored how political shifts might impact the cryptocurrency's future.

Scott Melker observed, "If you actually dig in and look at the history of bitcoin price after elections, the winner of the elections shouldn't matter very much, right?" He emphasized that bitcoin's performance appears largely independent of political outcomes.

Echoing this sentiment, George Tung explained, "Every single four years we go through this, but what people need to realize is bitcoin every single four years we go through this, it just so happens every four years we have the halving event and every single halving event actually correlates with an election year." He highlighted that bitcoin's growth is tied to its fundamental properties rather than election results.

Tung further noted, "If you go back four years in 2020, last time we had an election, bitcoin was around $13,000 and look at where it is now... Obviously bitcoin has been going up every four years and obviously every single cycle, every one of those four years, we had different administrations, whether it's blue or red." This pattern suggests a resilience and consistency in bitcoin's upward trend.

Concluding their discussion, Melker stated, "I think that one thing people can agree on, whichever candidate they support, is that the government will probably continue to print money into the future, and that is likely the most single impactful factor on bitcoin price." Tung agreed, adding, "Our deficit continues to rise. We're closing in at $36 trillion, that is not going to stop anytime soon."

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