CEO of Grayscale, Barry Silbert, says that in the end, Bitcoin will emerge as the winner in the battle between US presidential election candidates Biden Vs Trump. The CEO’s opinion on Bitcoin’s bullishness comes after Grayscale’s latest study on Bitcoin.
Election Pressure Doesn’t Affect BTC Price Negatively
The crypto community is keeping a close eye on the upcoming US presidential election and its impact on the overall crypto market. However, CEO Barry Silbert views that regardless of the contest, the largest cryptocurrency by market capitalization will come out as the champion.
BTC is already showing a bullish behavior in its recent performance in the crypto market. Meanwhile, numerous crypto analysts’ are keeping a stronger stance that the election will unlikely impact the valuation of bitcoin. Even Grayscale’s CEO added that the election is far from anything to turn the king coin into a bear.
Silbert believes that the US election will lead towards printing more money, by both candidates, thus fueling inflation. Overall, a promising placement for Bitcoin.
Trump wins = brrr
Biden wins = brrr
Either way, bitcoin wins
— Barry Silbert (@BarrySilbert) October 28, 2020
Silbert’s optimistic stance on Bitcoin comes after Grayscale’s recent report on cryptocurrencies with special attention towards Bitcoins.
Grayscale’s report from Oct. 27 has highlighted that Bitcoin had a strong positive performance throughout the entire year. This signifies that the pressures of US elections had got nothing to do with Bitcoin’s prices in any negative way.
BTC Goes Stronger Due To Mainstream Awareness
The study has also disclosed that Bitcoin performed quite better this year in comparison to the previous year. In 2019, around 36% of US-based investors had invested in Bitcoin in comparison to the current figure of 55%.
The substantial increase of Bitcoin’s adoption among institutional investors is directly connected to mainstream awareness and its growing demand. Just recently, Grayscale added $300 million to its net asset under management in a single day while BTC reached its new yearly high.