Opinion: Trump’s Election Campaign to Trigger Bitcoin Pump
United States President Donald Trump’s re-election campaign will become the driver behind a positive Bitcoin’s price trend. This opinion was recently offered by Charles Edwards, an analyst at digital asset management firm Capriole Investments.
According to Edwards, Trump will start printing money again in an attempt to help the stock market recover from the coronavirus pandemic. This will likely result in an increase of the inflation rate.
If the following is true:
1. Trump wants to win the election
2. The Stock market is his measure of success
3. He believes he can influence market price through policy and UBI
4. Money supply will continue to grow
How can you be bearish #Bitcoin?
— Charles Edwards (@caprioleio) July 21, 2020
During the crisis, Bitcoin has shown a close correlation with the stock market. On June 30, the correlation of Bitcoin’s price with the S&P 500 index reached an all-time high of 66.2% after several months of growth.
Direct financial assistance to the population was one of the major reasons behind the US stock market recovery as was the growth of the US Federal Reserve to $7 trillion.
According to some experts, should these factors persist, it will not matter who wins the US presidential elections as the injection of liquidity will lead to an inevitable rally of cryptocurrencies.
Earlier, Charles Edwards suggested that Bitcoin was on the verge of a new rally thanks to the halving that happened in May.
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