Bitcoin may be a system that has the potential to be decentralised and removed from traditional markets and the influence of global political moves, but it is not there just yet. The asset is very much under the thumb of geopolitical happenings, especially in regards to governments and regulations.
The next big event on the global calendar appears to be the upcoming US election where incumbent president, Donald Trump is looking to gain a second term ahead of Democrat Joe Biden. The impact this will have on Bitcoin is unknown, but has been postulated.
Max Keiser, Wall Street veteran and host of The Keiser Report has shared his thoughts on the election and other influences that could be affecting Bitcoin’s price as it hovers around $13,000 and just under.
Trump is a less chaotic path
Interestingly, given Trump has publicly stated he does not like Bitcoin in a Tweet, Keiser is of the opinion that Biden winning will cause a spike in value due to panic buying.
A Biden win means a win for corruption and the Deep State so I would expect Bitcoin’s price to bolt higher as people panic-buy non confiscatable Bitcoin before Biden’s socialist, jackbooted thugs start confiscating everything in a replay of 1938 Kristallnacht,” he explained. “With Trump, The U.S. has a chance at a more orderly tradition to Bitcoin so the price would move up more slowly.”
In the recent news there has been moves from PayPal and MicroStrategy that have seemingly played their part in evolving Bitcoin and affecting its price. Keiser says he is not surprised PayPal has come to the party.
“No. PayPal, like all companies, came to the realization faster than others that Bitcoin is an existential threat to their business and to ignore it would mean going out of business,” he told Cointelegraph.
He also explained the move by MicroStrategy CEO Michael Saylor in buying up Bitcoin.
“The important thing here is that Michael Saylor went against the prevailing wisdom of buying back his own stock, a move that takes advantage of a reckless, money printing Fed and instead essentially goes to war with the Fed by embracing Bitcoin — an asset hardcoded to destroy the Fed.”
“As the Genesis Block made clear with “Chancellor on brink of a second bailout,” Bitcoin was designed as a central bank killer. Michael Saylor figured that out and understands that he needs to be on the right side of history or get blown out. Every company in the world will face the same decision. Do they support central banks or do they want to survive and thrive in a post-central bank world.”