The battle between Joe Biden and Donald Trump will be fought at the polls and perhaps in the courts for the next few weeks.
But how does this affect Bitcoin?
On Election Day, Bitcoin’s price is $13,685, up to 1.82 in the last 24 hours.
During 2016’s election night, when President Trump beat Hillary Clinton, Bitcoin‘s price per piece was $700. When Trump won, Bitcoin rose to $735. That is about an 18x increase in the price of Bitcoin in the last four years.
In 2012, when Obama beat Romney, Bitcoin was about $11.2 in October and $12.56 in November. It is over 1000x increase to Bitcoin‘s price since Obama’s second term.
The vast differences in prices show just how much can change between the elections.
Last month, Bitcoin’s price rose from about $10,500 by the start of the month to highs of just $14,000 last weekend.
Many people think that Bitcoin is uncorrelated from global events: the so-called “safe haven” theory. As an asset class that investors pitch as insulated against political affairs, will it remain unfazed by the election?
However, only the ballots will tell—except Trump or Biden clashes them.