Bitcoin unlikely to be affected by the outcome of US elections – GrayScale CEO

  • US election will not affect Bitcoin
  • Grayscale report says crypto awareness has risen

The presidential election in the United States is only a matter of days away. Many experts in the crypto industry have kept a cursory look on the coming election, believing that its outcome will have no spiral effect on the popular crypto asset.

Some analysts are of the opinion that the leading crypto asset could instead continue to see a growth in its worth

Barry Silbert, CEO of Grayscale, is of the opinion that the election’s result would not change the government current policy of printing more money. This he believes would continue to play in favour of Bitcoin.

Usually, when the government prints more money, it tends to increase the inflation rate. Barry believes this government policy would only show that BTC is a better store of value than the Fiat currencies we have always known.

Grayscale report shows Bitcoin is doing well

Grayscale’s recent report which focused on Bitcoin has shown that the crypto asset is performing quite well. 

The report went in to show that there are more US investors who are now more than willing to adopt Bitcoin. As if 2019, only 36% of the investors wanted to adopt BTC. Presently, the number has risen to over 50%.

The report went on to posit that the coming election may not have a negative impact on the adoption and accessibility of Bitcoin.

The report also highlighted the growing awareness about cryptocurrency in the world. People know more about Bitcoin than in previous years. This awareness has made more people trust the crypto asset and has also led to people who were hitherto sceptical about investing in BTC become actual investors in the crypto coin.

There were 21 million BTC investors in 2019. The figure has risen to 32 million in the current year.

About the author