Tuesday, October 27, 2020

Bloomberg: Biden election would be good for Bitcoin, bad for DeFi

Must Read

Grayscale Survey: COVID-19 made Bitcoin more appealing to investors

A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).The firm surveyed 1,000 U.S. consumers between the...

MAJOR BANK ENTERS CRYPTO | Ethereum 2.0, Plutus PLU, Band Protocol, Komodo

DBS Singapore Bank accidently unveils its Crypto Exchange | Ethereum ETH 2.0 Ready to Launch per Quantstamp | Vitalik Buterin and Rockstar Games |...

This Paradigm-Backed Startup Is Offering DeFi’s First ‘T-Bill’

“What is the time value of money?”That’s the age-old question Allan Niemerg, former head of research and investments at Cumberland DRW and founder of newly...

DeFi devs may save months of work with OpenZeppelin’s operations platform

OpenZeppelin, a blockchain software company known for developing one of the most used implementations of the Ethereum ERC-20 contract, announced on Tuesday the release...

The latest Bloomberg crypto newsletter contends that the election of Joe Biden would bring greater mainstream adoption of Bitcoin (BTC), including a potential ETF approval. Further, it referred to the Trump administration’s policies with regard to crypto as “hands-off”:

“A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market — and nudge the firstborn benchmark toward the mainstream, improving chances for an ETF.”

Considering that yesterday, the Department of Justice published a 70-page Cryptocurrency: An Enforcement Framework, the newsletter likely was written prior to that.

The author purports that the same forces would hamper DeFi’s growth. Both conclusions are based on the assumption that a “Democratic sweep” would potentially enable greater regulatory clarity for the crypto space. The DeFi space has exploded this year in a completely unregulated environment. It is no coincidence that the perpetrators behind the KuCoin hack have been laundering their illicit proceeds through the biggest decentralized exchange, Uniswap.

Bloomberg asserts that regardless of the election’s outcome, “Bitcoin’s price will keep going up no matter who’s elected president, but at a moderating pace”. It also concludes that if Bitcoin’s price continues to grow during the next presidential term at even half of the pace it enjoyed from 2016 to 2020, it would reach $80,000 by 2024:

“Seemingly unstoppable trends in U.S. debt-to-GDP, quantitative easing (QE) and the increasing Bitcoin hash rate indicate a crypto price more likely to keep advancing during the next presidential administration, in our view. About half the 1,400% gain since the 2016 vote would get the Bitcoin price toward $80,000 in 2024.”

Yesterday, Square made an announcement that it acquired $50 million worth of Bitcoin, signifying the increased adoption of the asset by the corporate sector.

Popular This Week

Bitcoin Hits $12,300, Second Stimulus, Bitcoin Reserve Asset, Sand Dollar & Desperation Coin

NEW CHANNEL: https://www.youtube.com/channel/UCH9HlTrjyLmLRS0iE1P4rrg I also play video games! https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA ------------------------------------------ Rich Dad Poor Dad: https://amzn.to/3cKJ4Ia Computer I Use To Record: https://amzn.to/2V2F3bn Headphones I Use: https://amzn.to/3ccAUrf Chair I use: https://amzn.to/2XpUmg5 My Desk: https://amzn.to/3ei7mtZ I love this Mic: https://amzn.to/2yUElV9 ---------------------------------------------------------------------------- Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect...

Something INCREDIBLE is Happening RIGHT NOW!!! MUST WATCH! Bitcoin News

Bitcoin is about to explode in a way you would never expect.We look at a range of bitcoin news and BTC price action which...

Why PayPal’s Bitcoin Support is ASTRONOMCAL

Media Outlets Cover Bitcoin and PayPal News | PayPal's significance and stock price | What it means for Mass Adoption | Can BTC break...

Bitcoin, DeFi , Yield Farming, and Ethereum Update

Latest Bitcoin and Cryptocurrency news and trends. We take a look at the key events affecting the blockchain sector and review market movements. Combining...

“Bullrun” is coming?

Latest Bitcoin and Cryptocurrency news and trends. We take a look at the key events affecting the blockchain sector and review market movements. Combining...

Bitcoin Rises, Stocks Plummet, $1.2 Billion For $3, Toyota Coin, Celebrity BTC & Feeling Left Out

NEW CHANNEL: https://www.youtube.com/channel/UCH9H... I also play video games! https://www.youtube.com/channel/UCvXj... ------------------------------------------ Rich Dad Poor Dad: https://amzn.to/3cKJ4Ia Computer I Use To Record: https://amzn.to/2V2F3bn Headphones I Use: https://amzn.to/3ccAUrf Chair I use: https://amzn.to/2XpUmg5 My Desk: https://amzn.to/3ei7mtZ I love this Mic: https://amzn.to/2yUElV9 ---------------------------------------------------------------------------- Support Me On Patreon! https://www.patreon.com/TheModernInve... ---------------------------------------------------------------------------- Protect...

Something SHOCKING Happened This Week in Crypto! MUST WATCH!!!! Quant Network QNT

What is the most important crypto news you have to know about this week? We go over recent bitcoin news with JP Morgan comparing Bitcoin...

WHO IS SHORTING BITCOIN? Another PayPal Bitcoin Update!

In today's breaking bitcoin news, we cover how PayPal is likely to buy BitGo, one of the first bitcoin custodial service companies. Cryptocurrency And Bitcoin...