Bitcoin is trading at $10,200

Bitcoin price will thrive despite the election result

According to different sources, it does not matter who wins the election, Donald Trump or Joe Biden, the price of Bitcoin would likely thrive. Industry executives such are DCG, and Grayscale CEO Barry Silbert consider that both a Biden or a Trump win would lift Bitcoin.

The optimistic view of industry execs among election turmoil comes after Grayscale’s BTC study.

On Tuesday, October 27, Grayscale, with $7.6 billion in net assets management, published a study. The study highlighted that the potential market for BTC has sharply increased during 2020.

Besides, in 2019, Grayscale found out that 36% of investors In the Unites States were interested in investing BTC. Remarkably, in 2020, 55% of investors in the U.S. are interested in dominant cryptocurrency.

The approximately 20% rise signifies a massive increase in mainstream awareness in a short period. It also coincides with the increasing demand for BTC from institutions following BTC’s robust 200%+ rebound since March.

The vital fundamental factors behind BTC and the rapidly rising demand could offset the election risk in the Q4.

For example, a particularly positive statistic that explains the gaining demand for BTC in 2020 is the rate at which individuals interested in Bitcoin become buyers.

As Grayscale announced, out of the individuals that showed the intent to invest in Bitcoin, 83% bought it. According to research, among those who reported investing in BTC, 83% have made investments in 2019, indicating that digital currencies are an attractive component of modern investment portfolios.

The Number of investors, familiar with dominant cryptocurrency, has boosted

Significantly, the higher conversion rate from interested persons to investors is essential because Bitcoin’s potential market has quickly grown.

Besides, the potential market in the U.S. of about 32 million investors does not include other leading markets like Europe and Asia.

Additionally, the number of investors, familiar with dominant cryptocurrency, has also boosted. According to the survey, 62% of investors are now aware of Bitcoin, while in 2019 it was only 53%.

But what is the reason for the attraction of BTC? According to analysts, the reason for it is exponential growth potential, and institutional investors view it as a hedge asset.

Bitcoin being a hedge asset against inflation and showing exponential growth potential makes it a attractive portfolio asset for institutions and accredited investors. Therefore, the number of investors buying BTC with a portfolio has boosted. 

Significantly, Grayscale added $300 million to its net Assets Under Management in one day on October 23 as the BTC price reached new yearly highs.

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