Is Joe Biden Good News For The Crypto Ecosystem?
Introduction
Joe Biden beat Donald Trump in the US presidential election. With this change, the crypto community is wondering how it will influence the financial Ecosystem. Everyone is concerned about how the regulatory agencies would redefine the policy of the crypto industry.
Although Biden has not talked much about the subject, he only made it clear that he doesn’t possess any cryptos. So, there might be some changes in the industry, but nothing is clear and certain till now. However, we can only get some hints from his record as a senator. Here is what Joe Biden would mean to the crypto industry by experts.
Impact on Crypto Space After Joe Biden Becomes New President
Unlike Donald Trump, who publicly made negative statements about cryptocurrencies, Biden has not shared any such comments. However, if you want to invest in cryptocurrencies, here is what you need to know about the impact of the US presidential election.
Impact of It Depends on The New Key Leaders in Crypto
There is no clear way of whether Biden is good news for the crypto space. Although there will be new appointments by Biden, nobody knows how the leaders will shape the structure of the crypto ecosystem. It’s expected that the new leaders will make strict regulations.
General counsel Jake Chervinsky said that the future of cryptocurrency depends on the key people appointed by president Biden. It’s not clear how these key people will treat cryptocurrencies. The policy and regulations structure depends on their decisions.
Qiao Wang Says: Crypto is The Winner
One of the popular crypto enthusiasts, Qiao Wang, said that crypto is the winner. He stated that Biden appointed Gary Gensler as a financial advisor. It’s good news because Gensler, who was the chairman of the Commodity Futures Trading Commission, has an open mind towards crypto.
Rumors have spread that he will be appointed as one of the key people to oversee the financial matters. So, there is excitement in the crypto community if Gary becomes the financial advisor. If he becomes the financial advisor, it’s expected that he will develop regulations that support cryptocurrencies.
Inflation Can Attract More Investors Toward Crypto
Inflation is likely to attract more investors towards crypto. As the pandemic has caused an economic downturn, the government continues to print traditional currencies. With this money printing, there will be inflation in the coming days. Investors have sensed that coming and are shifting their assets away from traditional market.
As the popular cryptocurrency Bitcoin is considered as a safe haven, more people will invest in it. Everyone wants to secure their funds, and Bitcoin offers the opportunity to hedge against inflation. More importantly, any negative news regarding the dollar can increase the interest in cryptocurrencies.
Change in The Crypto Industry
There will be a lot of changes in the crypto industry as president Biden may appoint key persons to oversee the cryptocurrencies. Apart from Gary Gensler, there are no names in the financial space.
John Collins shared his thoughts on cryptocurrencies that they do not have high priority. The new administration and some regulatory issues in the crypto space can bring changes in the crypto industry. Moreover, he stressed the idea that the regulations of cryptocurrencies should be dynamic as traditional financial services keep changing.
Closing Thoughts
Nobody exactly knows how the result of the presidential election will impact the crypto ecosystem. The crypto community is looking at the Cryptocurrencies in an optimistic fashion. Moreover, some crypto enthusiasts also expect that Joe Biden can bring a positive impact in the crypto space.
However, it is really hard to foresee the future outcome of Cryptocurrencies. If you want to invest in cryptocurrencies best thing is that you can use easily buy and sell btc at a suitable platform. Here you can become a member of a successful crypto community.
