By Bentley Kapoor (India)
It is said that the US Presidential Elections 2020 are one of the most controversial in US history.
Many from the crypto industry were concerned about what was going to happen when the US Elections will end. Many believed that after the elections, US Regulators will again put cryptocurrencies under strict scrutiny. However, it seems now that such concerns are shrouding in the mist.
This is because both Presidential candidates have specifically stated that they will take immediate actions to restore the deteriorating economy. How they will do it? They intend to issue trillions of dollars which will then be put in the economy to help it kick-off. Ultimately huge inflation will be caused across the country as well as globally. Resultantly, the prices of cryptocurrencies will go further up.
Therefore it wouldn’t be wrong to assume that whoever becomes the President, doesn’t matter at all with respect to cryptocurrencies. No matter whether it be Biden or Trump again or who is in majority in Senate or US House of Representatives.
Also read:Considering the progress that Bitcoin is making, no doubt that more inflation will bring more upward trending for Bitcoin. Bitcoin is currently being traded for over US$ 13,700 and in the past 4 weeks, it has acquired an increase of over US$3000.
On the other hand, Ethereum, which is the second-largest cryptocurrency of the world, is earning heavy amounts of fees. Due to Decentralized Finance (DeFi) and stablecoins, Ehtereum miners are making handsome profits.
All this is due to the effects of Covid-19 which is hurting the economies in the harshest way possible. A huge number of investors shifted their investments from traditional markets and brought them into cryptocurrencies. And more inflation would mean more investment in the crypto industry.
However, keeping in view the past record of US regulators, the fear is still hovering over the crypto industry. Earlier BitMEX, one of the world’s largest exchanges, was taken to court by US CFTC for violating US securities laws. Later on, the US Department of Justice imposed heavy fines on the exchange as it found the exchange’s crypto derivatives illegal.
Only time will tell whether the upcoming US President will have any adverse impact on the crypto industry or not.
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