With Joe Biden poised to be the next president of the United States, Cointelegraph Consulting reflects on how traditional assets have responded to the election of a Democratic candidate. Historically, Democrats have been bullish for gold, as the common perception is that more unbacked money gets printed under Democratic leadership, further debasing the dollar. In the short term, Bitcoin (BTC) has already strongly benefited, increasing by 10% since election day so far.
The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicate that long-term Bitcoin holders’ average profits are sitting at a 14-month high, increasing the likelihood that they may exit the positions and take profit.
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