Could Joe Biden Have a Good News For Bitcoin?

November 15, 2020
Could Joe Biden
Could Joe Biden

Could Joe Biden, the U.S. President-elect, is preparing to maneuver his administration into the White House and bitcoin supporters hope Biden will take a more favorable stance toward crypto than President Donald Trump. Last year, Trump sent shock waves through the globe of bitcoin and cryptocurrencies when he tweeted a tirade against bitcoin, sparked by Facebook’s plans for its libra cryptocurrency. Now, the bitcoin and cryptocurrency community is eagerly looking forward to Biden’s administration—with the bitcoin price already soaring after Biden pulled prior to Trump within the election. MORE FROM FORBESKanye West Reveals The ‘True Liberation Of America’ can be BitcoinBy Billy Bambrough Some within the bitcoin and crypto community hope U.S. President-elect Joe Biden could bring a more … [+] bitcoin and cryptocurrency-friendly administration to the White House. Getty Images “An encouraging sign for cryptocurrencies came this Tuesday because the transition team announced that Gary Gensler, who’s shown himself to be crypto-friendly within the past, would lead the financial policy transition team,” JP Thieriot, chief executive of California-based bitcoin and cryptocurrency trading platform Uphold, said via email. This week, Gensler, a former chairman of the Commodity Futures Trading Commission and Goldman Sachs GS executive who has argued cryptocurrencies have exposed shortcomings in traditional existing payments systems, was appointed to guide the Biden financial policy transition, team. “President-Elect Biden’s presidential transition team should prioritize cryptocurrency as an existential national security objective which will set the U.S. financial set-up on the more precise footing,” Collin Plume, chief executive of Noble Gold Investments, said via email, adding “digital money policy formulation can and can rest on the new U.S. Treasury secretary and constitute the lap of the IRS.” Last year, Gensler wrote that bitcoin’s underlying blockchain technology may be a “catalyst” for change, arguing “we already board an age of digital money.” “The potential this technology to be a catalyst for change is real,” Gensler wrote in an op-ed for bitcoin and crypto industry outlet Coindesk. “I remain intrigued by [bitcoin creator] Satoshi’s innovation’s potential to spur change—either directly or indirectly as a catalyst.” Some within the bitcoin and cryptocurrency community see Gensler’s appointment as an indication that Biden’s administration could bring other crypto-friendly faces onboard. “I think we’ve got the opportunity during a Biden administration,” Kristin Smith, decision-maker of the Blockchain Association,” told Fortune. “Because [Gensler] is incredibly acquainted with crypto and blockchain and hopefully can put the proper team of regulators together that may be more willing to figure together to advance policies.” Bitcoin has found support among Wall Street giants and a variety of high-profile investors this year as a possible inflation hedge, furthering bitcoin’s reputation as digital gold amid the economic and financial crisis sparked by the coronavirus pandemic. MORE FROM FORBESBitcoin Price: Why The Bitcoin Bull Run may well be Just Getting started by Billy Bambrough The bitcoin price has soared over the last 12 months with bitcoin almost doubling in value amid an … [+] increasingly uncertain economic outlook. Coinbase Bitcoin was also given a credibility boost from payments giant PayPal PYPL, which last month announced it might allow its quite 300 million users to shop for and spend bitcoin and one or two of other major cryptocurrencies. “We have crossed the Rubicon in [bitcoin’s] adoption,” the chief executive of bitcoin and cryptocurrency investor Galaxy Digital Mike Novogratz, who thinks bitcoin and therefore the exchange is set to soar under Biden, reportedly told CNBC this month. “Bitcoin has rallied over 60% within the last two months, largely because of an uncertain economic outlook,” said Thieriot, who added the Biden administration’s plans “to address the stark digital divide that stops various Americans from accessing high-speed internet” could help introduce people to bitcoin and crypto. “With political discord, coronavirus spikes, a possible stimulus package, and also the threat of another lockdown looming over the economy, there’s an opportunity that a lot of investors will continue seeking out bitcoin and other non-traditional assets until we get a clearer picture of the road ahead.”

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