Does Bitcoin Care Who Wins the 2020 US Election?
CryptoNewsTerminal Staff18 Aug, 2024
Does Bitcoin Care Who Wins the 2020 US Election?
Bitcoin and President Trump: Are they correlated? According to a recent analysis by crypto prime broker FalconX, the answer is a resounding no. Over a three-month period from June 1st to August 15th, FalconX found that there was no clear correlation between the price of Bitcoin and the probability of Donald Trump winning the election. This lack of correlation was particularly notable during a month-long period starting from June 29th, when Trump's chances of winning surged on Polymarket. David Rowntree, head of research at FalconX, believes that this weak correlation is due to the fact that the price of Bitcoin is influenced by a combination of factors, including US monetary policy, the German government, and the supply pressure from Mt. Gox. However, Rowntree also noted that the correlation could increase as the November elections approach. Only time will tell whether the price of Bitcoin will ultimately be affected by the outcome of the 2020 US election. However, the findings of FalconX's analysis suggest that investors should not expect a strong correlation between the two.
