Bitcoin Price Rises as Donald Trump Becomes Next US President | Coinspeaker

Bitcoin Price Rises as Donald Trump Becomes Next US President

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by Tatsiana Yablonskaya · 3 min read
Bitcoin Price Rises as Donald Trump Becomes Next US President
Photo: Michael Vadon/Flickr

Bitcoin experts previously predicted that the victory of Donald Trump can result in bitcoin price boost.

Even before final results of US presidential selection were announced, there was a speculation in bitcoin society that the victory of Donald Trump can result in the growing bitcoin price. The expectation was based on the recent British experience when the decision of the United Kingdom to leave the European Union pushed the price of bitcoin to a hundred-dollar climb in a single trading session.

Experts supposed that the market of virtual currencies would not transform considerably in case of Hillary Clinton’s victory while Trump could provide on the currency table a marked contrast depending on the impact his presidency will have on the investors all over the world.

As bitcoin hedge fund analyst and director Jocob Eliosof said: “I think a Trump victory would be good news for virtual currency much like nuclear war would be great for bitcoin”, adding that a Trump in the White House would be a huge “disaster in many respects – economic, geopolitical, democratic – and in the fear of bitcoin would be a defensive asset people could run to.”

Indeed Trump didn’t announce much support to bitcoin during his recent campaigns. However, he has cast projected his persona as a Washington outsider, which can boost uncertainty and finally lead to an increased interest in alternative assets.

Ennkeng states that Trump’s victory can set the stage for a temporary increase in bitcoin prices with little long-term effect. “A Trump win would likely increase uncertainty domestically and, to some degree, around the world, and that would offer a short-term, upward rise to prices of Bitcoin”, he says.

As a reminder, several hours ago America made its final choice and selected Donald Trump, a candidate who defied every norm in politics, was openly misogynistic and contemptuous of minority groups, played to the worst of our social instincts, and spoke cavalierly of nuclear war, to become the next US president.

From the very beginning, Donald Trump got notable for truly controversial promises from banning all Muslims from America to building a wall along the Mexican border. He pledged to take away health care coverage from 20 million people with no actual plan to replace it, promised the largest tax cut in history, called climate change a hoax, and intended to forbid entire religious groups from entering the country and forcibly remove other ethnic groups.

On July 18 2015, Mr Trump spoke of American war hero and Republican grandee John McCain calling him “not a war hero.” The billionaire explained: “He was a war hero because he was captured. I like people who weren’t captured.” Mr McCain was a prisoner of war for five and a half years during the Vietnam War, having been shot down over Hanoi on a bombing mission.

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