Crypto Experts: Will Biden’s effect be limited for crypto and bitcoin in 2021?

Yesterday saw CoinJournal publish its first ever cryptocurrency expert roundtable, which speculated on the future of Bitcoin in 2021 and beyond

Speaking with a panel of professionals from the world of cryptocurrencies and blockchain technology, the roundtable discusses the impact of the US election and what a Joe Biden presidency could mean for Bitcoin.

The experts cover a range of topics, such as the outgoing president’s time in office before detailing the panel’s views on what part Joe Biden’s victory played in the recent crypto market explosion.

The Experts

● Evan Harris — Communications Director of the Government Blockchain Association, an international non-profit that promotes blockchain technologies by empowering its members to collaborate and solve public sector challenges.

● Guy Hirsch — previously founded two startups that developed novel solutions for Fortune 500 brands. He now heads up strategy and operations as US Managing Director of the social trading network eToro.

● Mike Ermolaev — has worked with numerous crypto entities over the last three years and is the co-founder and CCO of the Topos Digital Communications Agency, which specialises in digital marketing.

● Solomon Brown — has promoted several blockchain startups over the past few years and is now Head of PR at Freewallet, a multi-currency online crypto wallet with a built-in exchange.

Difference of Opinion

This panel proved that although consensus can be found in the digital asset space, there is also a great deal of room for disagreement, with Brown speculating that “Biden’s stance on crypto is more welcoming than Trump’s…”,

Hirsch, on the other hand, suggested that other factors such as institutional adoption were more likely to be causes of the surge.

This highlights the many factors that affect financial markets and how fundamental analysis can lead to divergences of opinion and trading strategies. Roundtable discussions like this can help analysts consider more factors and views to come to a more rounded conclusion.

There were also discussions on the impact of Biden’s victory on Bitcoin’s recent parabolic rise.

Evan Harris disagreed on this notion, stating that the markets had already “… moved on from President Trump…” and COVID-19 shutdowns and vaccines would have had a far greater influence on BTC price in the coming weeks.

US vs China

The panel also provided key insights into the US Government’s lack of development thus far in the area of central bank digital currencies (CBDCs), and how the new administration will have to jump on the CBDC bandwagon or risk falling behind the rest of the world.

Mike Ermolaev said that in the US the burden has been on businesses to innovate in blockchain but thinks that “… the US will be forced to take more action…” once China rolls out their CBDC.

Whereas Evan Harris claimed that he “[doesn’t] think the Biden administration will provide any meaningful policy change or push for a digital dollar”.

To see all of the expert’s views on The full roundtable discussion can be read on CoinJournal: https://coinjournal.net/news/industry-experts-speculate-on-the-future-of-bitcoin-under-biden/

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