I am wondering how the US Election will play out in all this?? If Biden wins, the US Stock Markets will tank ( at least for awhile) i.e. Higher corporate taxes = lower Earnings for Corporations. Does this mean some might find shelter in plowing money into alternatives like BTC ??
Also as Millineals gain traction with their finances and particularly Baby Boomers dying off and leaving inheritances to them.... well will they be inclined to focus in alt Markets like Crypto and BTC ?? i.e them being Progressive and all that.
Good questions. Bitcoin has been trading somewhat "strangely" as of late. While risky assets (stocks) kept climbing higher these last few weeks, bitcoin has mostly been range bound. Trading more like a store of value. However, when stocks drop (like they did today) bitcoin dropped even more. Which sort of throws the store of value narrative out the window in the short term. So, to answer your question... I am not sure. Bitcoin has traded mostly likely a risky asset in my opinion, which isn't great when stocks tank, with times it trades more like a store of value asset. I think in the long run it will eventually be a store of value but it's not really there yet.