President Joe Biden: What’s for Bitcoin and Crypto Ecosystem

UTC by Benjamin Godfrey · 3 min read
President Joe Biden: What’s for Bitcoin and Crypto Ecosystem
Photo: Joe Biden / Twitter

The fate of blockchain, DeFi and crypto will only thrive if Biden appoints blockchain and crypto-centric professionals to head key positions that can impact the regulatory space needed for growth.

The Associated Press (AP) pronounced former Vice President and Democratic Presidential nominee Joe Biden as the 46th President-Elect of the United States on Saturday, November 7, 2020. The long-awaited result which came four days after the general elections held on Wednesday, November 3 was keenly contested and Biden’s victory was secured after flipping the votes in Pennsylvania with 20 electoral votes to earn 279 Electoral Votes at the time of writing according to a Reuters live update. Now that Joe Biden will reign in America for at least the next four years, the crypto sphere is anxious to know what is in it for Wall Street, Bitcoin, and the entire cryptocurrency ecosystem.

For one, the media has a stance on Joe Biden as one who can sniff out new innovation as he has once tried to introduce a bill to kill encryption technology about 30 years ago while he was still a Senator from Delaware.

The fate of emerging technology including blockchain technology and the associated innovations including Bitcoin (BTC), XRP, Decentralized Finance (DeFi) will only thrive if the president-elect appoints blockchain and crypto-centric professionals to head key positions that can impact the regulatory space needed for Bitcoin to grow.

With Joe Biden himself giving an inclination that he is not a Bitcoin fan when Twitter Inc (NYSE: TWTR) suffered an attack in which the perpetrators demanded Bitcoin, Biden followed the event with a counter tweet.

Joe Biden’s assertion that he has no Bitcoin has been seen by many as rather cold and here’s why the first point of call will be to recruit the right people for the job.

Already, some members of the Biden-Kamala campaign team are crypto enthusiasts. These as reported by Crypto Briefing include Andrew Yang, a renowned crypto regulation supporter as well as Ryan Montoya, the Chief Technical Officer (CTO) of Sacramento Kings, a Basketball team that rewarded its fans with digital currencies

Bitcoin Is Down as Celebrations Erupt Following the Victory of Joe Biden

Some of the supporters of Joe Biden have taken over the streets following the victory news of the president-elect. While this celebration is contagious, Bitcoin on the other hand is shedding off the gains it has amassed in the past week as it hits its second-highest price level  of all time.

At the time of writing this piece, Bitcoin is trading at $14,849.81 with a 4.74% drop in the past 24 hours according to CoinMarketCap. The bearish spiral of the premier digital currency seems to be dampening the hopes of the coin setting a new record. While this temporary dip is a reality, Bitcoin alongside the crypto sphere hopes the new Sheriffs in town will not introduce policies that will complicate the regulatory hurdles that are being fought in the United States, a near-sour situation that is forcing Ripple to consider relocating out of the United States of America

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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