Bitcoin Plummeted On Joe Biden’s Presidential Win

Bitcoin plummeted on Joe Biden’s presidential win after waiting four days for the votes to be counted. Joe Biden was declared the 46^th President of the United States of America as we are reading more in the latest bitcoin news today.

The AP news declared that Joe Biden won the US elections so Bitcoin plummeted on Joe Biden’s presidential win, signaling that the market is concerned about the next President. President Trump has yet to concede the election but the news agencies across the world declared Biden the victor of the Presidential elections. Bidden hit 284 electoral votes while only 270 were needed to claim victory.

America, I’m honored that you have chosen me to lead our great country.

The work ahead of us will be hard, but I promise you this: I will be a President for all Americans — whether you voted for me or not.

I will keep the faith that you have placed in me. pic.twitter.com/moA9qhmjn8

— Joe Biden (@JoeBiden) November 7, 2020

Right after the news emerged, Bitcoin dipped below $15,200 after the strong run to new yearly highs this week. Since Biden doesn’t have control over both the House and the Senate, the coronavirus stimulus package will come later and will likely be smaller. Along with it, tougher tax policies and corporate reforms will be off the table which will be beneficial for Wall Street. Wall Street spent a lot of money to support Biden’s campaign than it paid to promote Trump. It now seems that the investment industry is fine with Joe being the president.  Some of the crypto community members are also pro-Biden. For example, one of the biggest crypto derivatives exchanges FTX donated more than $5 million to help him win.

The impact of his presidency on the financial and crypto sector will depend on him and his team’s stance. Joe himself was one of the main targets during the Twitter hack which involved asking people to send BTC to famous people. After the hack, Biden tweeted that he doesn’t own any BTC which is not either a positive or negative attitude towards the cryptocurrency. Joe has a history of getting in the way of innovation as he pushed against encryption when he was a senator.

I don’t have Bitcoin, and I’ll never ask you to send me any.

But if you want to chip in to help make Donald Trump a one-term President, you can do that here: https://t.co/8XtBjuU5fX

— Joe Biden (@JoeBiden) July 16, 2020

Kamala Harris, his potential Vice President, didn’t come up with any crypto-related statements but Ryan Montoya who is familiar with crypto is in her team. He was the Chief Technical Officer of the Sacramento Kings which rewarded the fans with crypto. The new president’s top pick for the US Treasury is Lael Brainard who is a member of the US Federal Reserve’s Board of Governors. In one or her publications on digital assets, Brainard said that the advent of BTC raised many regulatory concerns but also pointed at the importance of fostering innovation.

Gary Gensler, the former Commodity Futures Trading Commission Chairman can help Biden oversee Wall Street. Gensler is quite tech-savvy and has a positive stance on crypto.