As the dust settles from one of the most tumultuous and divisive elections in recent history, crypto asset traders and analysts are looking for positives from the newly elected government and its leaders.
America’s next leader for the coming four years, Joe Biden, has commented very little on cryptocurrencies, but that appears to be preferable to a leader that actively discouraged them.
Biden Better for Crypto
DeFi Alliance head, Qiao Wang is one of a number of industry observers that see the positives in the election of Biden and is optimistic about the next four years.
The real winner is crypto:
– Biden to hire Bitcoin-friendly Gary Gensler
– Trump/Mnuchin openly hostile towards BTC
– SBF 2nd largest contributor to Biden
– A likely Republican senate to counter Dems’ aggressive regulation tendencies
Looking forward to the next few years 🚀🚀🚀
— Qiao Wang (@QwQiao) November 8, 2020
He added that previous hostilities towards the industry in the name of defending the dollar make the current outcome preferable.
“The fact that Trump and Mnuchin are hostile towards BTC makes a Trump a far inferior candidate. Full stop.”
Donald Trump famously admitted he was ‘not a fan’ of Bitcoin and cryptocurrencies in July 2019, adding that they are not money, their value was ‘based on thin air’, and they facilitate unlawful behavior and illegal activity.
News that Joe Biden will hire former derivatives market regulator Gary Gensler to work on a transition plan for financial industry oversight, has also been perceived as bullish. Gensler served as chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and views Bitcoin and its brethren in a positive light.
Gary Gensler is a Bitcoin Bull Bull Bull pic.twitter.com/G1W8icvuMp
— Lolli 🍭 (@trylolli) November 7, 2020
It has also been reported that economist Lael Brainard, former Federal Reserve governor who led a MIT joint effort to research CBDCs, is primed as the frontrunner for Treasury secretary. Compound Finance general counsel and industry observer Jake Chervinsky added;
“President-elect Biden hasn’t said anything publicly about his views on crypto. For now, it really isn’t a big enough issue to warrant his attention. The next four years of US crypto policy depends on who he appoints to key positions; we’ll know more as the transition gets going.”
Markets Rebound From Weekend Slide
Crypto markets took a dive over the weekend as the results came in and the counting concluded. However, since that $20 billion decline in total market cap, things have returned into bullish territory as Bitcoin and Ethereum march higher again during Monday trading in Asia.
Total cap is back at $450 billion as the majors resume their bullish momentum, however the open of the U.S. stock markets later today could paint an entirely different picture.