Bitcoin is not reliant on who wins the US election, it will rise in value

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Bitcoin and other digital assets are not reliant on who wins the US election, as they will shrug off market uncertainty regardless of the result, according to Jeff Dorman, chief investment officer, at cryptocurrency hedge fund Arca.
“They just want to know that there’s a winner,” Dorman told Business Insider in an interview.
He added while a majority of investors expect a hung election in the US, or one in which neither party has an overall majority, it is not important who wins as all risk assets like Bitcoin will see a huge rise.
Longer-term, however, a Joe Biden victory in the US election would be better for Bitcoin and gold because that would imply an unprecedented level of government spending, he claimed. “I would say Democrats are better for inflation hedges, but as long as there’s a clear winner at some point, everything’s going higher,” Dorman added.
Bitcoin has increased more than 4% this week to $13,282 as of Friday, and is up 80% year-to-date, putting the cryptocurrency within proximity to its June 2019 high of $13,880.
It benefited from a stream of supportive and positive headlines last week. PayPal said it would enable its clients to buy, sell, and transfer Bitcoin, investor Paul Tudor Jones called it the “best inflation trade,” and fintech firms such as Square, Microstrategy, and UK fintech Mode disclosed that they had purchased Bitcoin as part of their cash reserves.
Dorman, who has been in the asset management business since 17 years ago, said a billionaire investor like Tudor Jones investing in Bitcoin won’t necessarily ignite a bullish market, but it has lowered the fear factor of entering the digital asset market.
“Most conservative people on Wall Street don’t want to be the first and don’t want to be the last,” he said.  “Once there’s that precedent set, I think it opens the floodgates for everyone else. I don’t think that alone is enough to start a bull cycle, but I think it is enough to increase the total addressable market of demand for Bitcoin.”
Dorman, who calls himself a Bitcoin bull, said fintech companies are disrupting the traditional finance industry, as they can move quicker on offering services for digital assets.
“Look at the stock prices of traditional banks versus fintech this year and see how high the PayPals and Squares and the likes are doing relative to JPMorgan and Bank of America,” he said. “It is a huge deal. It’s a bigger negative to banks than it is a positive to bitcoin, in the sense that you’re now offering an additional service that banks can’t provide,” he said.
Dorman does not believe Bitcoin is a safe-haven alternative to the US dollar but said it could provide a hedge against inflation.
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