Cryptocurrency has been the best performing asset this year, according to Bloomberg. Bitcoin skyrockets to 80.90% in value year to date, while gold has only risen by 20% in comparison. Now more than ever is a great time to begin venturing in the crypto market.
The rapid growth in the crypto space can be attributed to the effects of the global COVID-19 pandemic. The national lockdowns had major impacts on economies and many traditional assets. Safe-haven assets such as Bitcoin are favorable because it is considered as a hedge against inflation. Crypto coins have proven their ability to retain value during times of economic crisis, and many investors have gone wary about focusing their money elsewhere.
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Analysts expect a positive impact on Bitcoin and alt tokens during the US election season. Markets will certainly shake with different candidates having opposing policies. If Trump takes the presidential seat, the dollar may see a short-term gain, with potential losses for cryptocurrency. However, this will be short-lived because of the existing financial situation that has left America on the verge of a recession and the US–China trade war worsening. If Biden wins, Bitcoin and gold are likely to increase in value with a weakened US dollar due to more stimulus pumping.
Bitcoin made massive gains already and talks about a new stimulus package pushed Bitcoin prices much higher last week. Bitcoin already gained a huge 18.83% from the start of early voting last September. Adding to the good news, PayPal’s move to enter the crypto space caused Bitcoin to rally above $13,000 on Wednesday!
More corporations started buying cryptocurrencies recently. Square, an American finances company, has purchased early this month 4709 Bitcoins amounting to about $50 million dollars. This represents 1% of Square’s assets, highlighting the strengthening validity of crypto in the corporate sphere. The founder and CEO of Square, Jack Dorsey, believes that cryptocurrencies will be the future of currency.
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