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bitcoin stock market biden presidential election
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Wells Fargo Warns Of Stock Shock From Biden Win, How Would Bitcoin Behave?

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin
0
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Past data shows that Bitcoin bull market breakouts typically happen following a US Presidential Election. However, Democratic party candidate Joe Biden has recently overtaken Trump in the polls – something Wells Fargo warns could shake up the stock market.

And with Bitcoin tightly correlated to the stock market, a Biden win could be harmful to the leading cryptocurrency by market cap. But why?

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Wells Fargo Chief Strategist Warns of Stock Market Reaction To Joe Biden Win

The United States presidential election is coming in just a few short months. Current and controversial President Donald Trump will face off against former Vice President Joe Biden.

Biden served in the role under Barack Obama from 2009 to 2017 and was the 47th Vice President in the White House.

Now Biden is looking to take on the top-ranking role in the country, and oust Trump from the White House after just one term.

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The economy may now be in trouble under Trump’s watch, though his presidency has done wonders for the stock market. A favorable tax environment and other corporate benefits have helped the stock market boom.

RELATED READING | GROWING MISTRUST IN GOVERNMENT AUTHORITY MAY BOOST BITCOIN BUYING

At the start of the year, major stock indices like the S&P 500, the Dow, and more set a new all-time high.

But the pandemic caused a major shakeup in markets and dealt a powerful blow to the economy. It caused the stock market to set its worst quarterly close on record. Bitcoin also crashed over 50% in the madness.

In these conditions, Biden taking over could make matters worse due to a poor tax climate and other changes potentially coming from a Democratic power change.

Wells Fargo head of equity strategy Chris Harvey says that a Biden win is a major risk to the market. Harvey also says that the potential scenario isn’t yet “priced into the market,” according to comments made on CNBC’s Trading Nation.

bitcoin stock market biden presidential election

Brave New Coin Bitcoin Liquid Index Daily | Source: TradingView

Bitcoin Correlation With S&P 500 Could Be Harmful Post 2020 Presidential Election

The first-ever cryptocurrency has only existed a little more than a decade. But during that time, its seen three total US presidential elections. The two prior presidential elections sparked incredible bull runs in Bitcoin after the uncertainty settled.

From the moment Trump took office, Bitcoin went on its strongest bull market ever. The asset peaked a year after Trump took office at $20,000.

This next time, however, may not have such positive results if Wells Fargo is correct.

RELATED READING | HOW THE 2020 US PRESIDENTIAL ELECTION MAY BE KEEPING BITCOIN AT BAY

Bitcoin has been tightly correlated with the S&P 500 over the last several months. The S&P 500 is one of the most important US stock indices and a barometer to the country’s economic health.

Recently, as the S&P 500 rises and falls, Bitcoin follows closely behind. If a Biden win drags down the stock market post-election or gets priced in pre-election, it could be harmful to Bitcoin.

The cryptocurrency’s next bull market could be postponed further as a result. If not, as past data suggests, the election could be the one thing standing in the way of the next bull market.

Featured image from Shutterstock.

Charts via TradingView.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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