It must have made many Bitcoin investors cheered when Bitcoin hit the new 2020 high of above $14 000 on 31 October 2020.
The price of Bitcoin went down went down within about a day. This could be caused by investors who had selling orders at $14000 at different exchanges.
It could also be caused by the uncertainty of the outcome of the US Presidential election as many were unable to predict the outcome.
Many may be wondering how things would change if the president is Biden for Bitcoin.
Bitcoin may just shine like a star under Biden if he leads Bitcoin into the mainstream adoption that may even include an exchange-trading fund approval.
Nevertheless, the change of income taxation has become a concern for many under different leadership.
Uncertainty of how things would change for the better or worst with the depreciation of currency as well as Covid-19 at the back of the minds of many.
One may wonder whether US debt can improve under a different president but it is indeed a mountain that is hard to overcome.
With different opinions and views, everyone has uncertainty. This could be a possible reason for the drop of price in Bitcoin after hitting its all-time 2020 high.
Or uncertainty could work in Bitcoin's favor. After all, it is not due to change at all regardless of who wins the election.
The global influence on Bitcoin is also at an all time high. People from all over the world are getting involved in it. This means that the US influence, as much as we like to look at things through our own eyes, is waning upon this top cryptocurrency. Mining is happening all over the place and people are dumping reserves into it.
Whatever is posited as the reason for Bitcoin's moves, the reality is, it does have pullbacks but keeps churning higher.
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It will be great to see Bitcoin continue to move up after the pull back. Thanks for your opinion and view.
The bigger question is will the alt-coin follow or be left behind.
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I think it all trends towards BTC hitting a trillion dollar market cap, regardless of the country the damage has been done, they want to keep the status quo and to do that the US needs to blow out the printing press to 10/20/50 trillion to allow room for the rest of the world to keep borrowing without obliterating their currencies in one go, yes some will obliterate regardless but its the least painful of the choices
So low/no/negative interest rates and more money is like gasoline to Bitcoin, Stack as much as you can while you can that's my motto. I've everted to buying at least $6 a day now and I still worry I won't have enough
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You definitely have a plan and you are keeping to it! Thanks for your view!
I think we definitely have a few more uncertain days ahead, that is clear.
Indeed
This I think is the most true that I have read these days We must wait, be patient take a chance, I think it is the most reasonable.The btc I assume that it will tend to rise.
Thanks for your supportive comment!