In a matter of days, the US Presidential Election will happen, and many are wondering which candidate is better for bitcoin and if bitcoin will spike or fall when the election results are announced. But Jeff Dorman says that bitcoin’s price doesn’t really care who wins and will likely expand its horizons no matter who will be the winner.
Jeff Dorman: BTC Will Be in Good Shape
Dorman has remarked that the most powerful and positive thing for Bitcoin as of now has been the string of groundbreaking news that has entered the crypto space. The biggest story now revolves around PayPal approving to allow customers to purchase crypto in its digital platform. He mentions that this has ultimately opened the door for several fresh traders who have been reluctant to step into the crypto space and then experience it independently.
He explains:
“Most conservative people on Wall Street don’t want to be the first and don’t want to be the last. Once there’s that precedence set, I think it opens the floodgates for everyone else. I don’t think that alone is enough to start a bull cycle, bit I think it is enough to increase the total addressable market of demand for bitcoin.”
He also mentions that some people want a clear and definitive winner when talking about the presidential election. One cannot forget that in 2016, when Donald Trump was first proclaimed as US President, the price of bitcoin shot past $1,000 for the first time after three years.
But Dorman says that the price is possible to grow no matter who will be in charge and notwithstanding the election result. He didn’t like the presidential products in the long run, are likely to impact the bitcoin price significantly. Instead, the currency will do well, seeing how much space surrounding it has been growing in the past months.
For instance, he states that fintech companies have been the prime subjects at the press when it comes to pursuing bitcoin. They are now competing with traditional banking institutions and are winning the battle given that they have access to more digital assets and can now offer them to users at a faster rate.
Competing with the Major Banks
Dorman mentions:
“Look at the stock prices of traditional banks versus fintech this year and see how high companies like PayPal and Square and the likes are doing relative to JPMorgan and Bank of America. It is a huge deal. It’s a bigger negative to banks than it is a positive to bitcoin in the sense that you’re now offering an additional service that banks can’t provide.”
The competition may get even fiercer, but now the banks can offer crypto custody services to customers.
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