What a Monday! The past week has been eventful and we have gist for days so get ready 🍿! Between waiting for Nevada to count their votes and begging Bitcoin to cross $16,000, it was a lot 😫. So we’re starting with the question of the week: How will a Biden presidency affect the price of Bitcoin? But before that, you can check out this cute super-short video we made on why Bitcoin even has the audacity to be so valuable. Enjoy!
Biden x Bitcoin: What’s Next?
What does US president-elect, Joe Biden’s presidency hold for the crypto community? First, there may be another round of covid-19 stimulus checks for Americans. If this happens, people may be gingered to buy more Bitcoin. They’ll have more money💰and be more willing to take risks.
Secondly, if the stimulus is introduced, the dollar will rise in price eventually. This will increase people’s confidence in buying Bitcoin, a rising dollar may be an obstacle to people buying Bitcoin. But none of this has been confirmed so we’ll just have to wait and see.
Bitcoin May Ride the Dollar Train all the Way to $16,000
🚂 🚂 Choo Choo goes the train! We knew cash out season would be crazy this year. But the US presidential election has made things even crazier! From $13,000 to $15,000 in less than 2 weeks? The best part is that Bitcoin is flirting with $16,000 as we speak. Anything can happen from this point so get ready. This isn’t trading advice so please speak to a financial adviser before you invest 🌚.
Twice as Nice: Bitcoin ATMs have Almost Doubled in 2020
The first Bitcoin ATM was launched in 2013. It must have seemed like a strange thing to have in a little Vancouver coffee shop. But by the end of the first day, it had recorded $10,000 in Bitcoin transactions. As soon as people knew they could trade dollars for Bitcoin on an ATM, they ate it up like party jollof🤩. Today, there are about 11,665 ATMs, with a growth rate of almost 1 new ATM per hour. What makes this really amazing is that there were 6372 machines at the end of last year.
Bitcoin is Bigger Than Your Faves 💪🏽
When we call Bitcoin the big daddy of all cryptocurrencies, it’s not a joke. Currently, it’s the 18th largest asset in the United States by market cap. It’s bigger than Disney, Paypal, Coca Cola and Bank of America. With a market cap of $280 billion, Bitcoin has found a comfortable spot between Home Depot ($306 billion) and Verizon ($242 billion).
Russia, Why the Sudden Rush for Regulation? 👀
Covid-19 reared its ugly head this year😔. On one hand, it has devastated many economies. On the other, it showed how unstable the global financial system is. So now, countries like Russia are exploring the crypto question of the year: Will Central Bank Digital Currencies save the world?
The governor of the Russian Central Bank and his deputy have held 2 meetings on the subject so far. Along with 26 other representatives from central banks across the region, they are looking into regulation. Hopefully, something major comes out of it.