With the U.S. presidential election coming up in just a few days, many are wondering which candidate is better for bitcoin, and whether bitcoin will spike or fall once the election results are announced. However, according to Jeff Dorman – chief investment officer at hedge fund Arca – the price of bitcoin doesn’t really care who wins and is likely to expand its horizons no matter who is declared the winner.Jeff Dorman: BTC Will Be in Good Shape No Matter WhatDorman has commented that the most powerful and positive thing for bitcoin as of late has been the string of groundbreaking news that has entered the crypto space. The biggest news revolves around PayPal agreeing to allow customers to purchase crypto through its digital platform. He states that this has ultimately opened the door for
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With the U.S. presidential election coming up in just a few days, many are wondering which candidate is better for bitcoin, and whether bitcoin will spike or fall once the election results are announced. However, according to Jeff Dorman – chief investment officer at hedge fund Arca – the price of bitcoin doesn’t really care who wins and is likely to expand its horizons no matter who is declared the winner.
Jeff Dorman: BTC Will Be in Good Shape No Matter What
Dorman has commented that the most powerful and positive thing for bitcoin as of late has been the string of groundbreaking news that has entered the crypto space. The biggest news revolves around PayPal agreeing to allow customers to purchase crypto through its digital platform. He states that this has ultimately opened the door for many new traders who have thus far, been rather reluctant to step into the crypto space and experience it on their own.
He explains:
Most conservative people on Wall Street don’t want to be the first and don’t want to be the last. Once there’s that precedence set, I think it opens the floodgates for everyone else. I don’t think that alone is enough to start a bull cycle, bit I think it is enough to increase the total addressable market of demand for bitcoin.
When it comes to the presidential election, he also says that most people simply want a clear and definitive winner. We cannot forget that in 2016, when Donald Trump first earned the title and role of commander in chief, the price of bitcoin shot past $1,000 for the first time in three years.
However, according to Dorman, the price is likely to grow no matter who’s in charge and regardless of who wins the presidency. In the long run, he doesn’t think the presidential results are likely to have a huge impact on the bitcoin price. Rather, the currency will do well considering how much the space surrounding it has grown in the last several months.
For example, he says that fintech companies are the prime subjects at press time when it comes to pushing bitcoin forward. They are competing with traditional banking institutions and are thus far winning the battle given that they have access to more digital assets and are thus able to offer them to users at a faster rate.
Competing with Major Banks
Dorman mentions:
Look at the stock prices of traditional banks versus fintech this year and see how high companies like PayPal and Square and the likes are doing relative to JPMorgan and Bank of America. 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.
Competition may get fiercer, however, now that banks can offer crypto custody services to customers.