The crypto market is questioning the impact of the presidential election result on Bitcoin, Jeff Dorman believes it will not.
Tomorrow is the US presidential election and that has the world on edge. Meanwhile, Jeff Dorman, Arca’s investment director, says that the price of Bitcoin really doesn’t care who wins.
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The US presidential elections have caused a major uproar; even causing volatility in the stock market.
In this regard, many in the crypto community have been debating which candidate is most appropriate for Bitcoin’s benefit and whether BTC will rise or fall once the results are announced.
However, from Jeff Dorman’s The News Spy platform perspective, the price of Bitcoin doesn’t care what happens with the election. Dorman says BTC will increase in value regardless of the outcome.
“Most conservative people on Wall Street don’t want to be first and don’t want to be last. Once that precedence is established, I think it opens the floodgates for everyone else. I don’t think that alone is enough to start a bullish cycle, but I think it is enough…” Dorman told the Business Insider.
Dorman’s explanation comes from the fact that big investors like Tudor Jones trust Bitcoin. According to Dorman, this is not necessarily a catalyst for a bullish market, but it does reduce the fear factor of entering the market.
As Dorman explained in the interview, in general no one wants to be the first to enter a market because they will most likely be the first to exit with the tables in their heads.
However, as large Wall Street investors and reputable companies decide to bet on Bitcoin, entry frictions are reduced.
Nevertheless, Dorman warns that although he is a Bitcoin bull, he doesn’t see crypto as a safe haven for the US dollar, although it can be a hedge against inflation.
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Bitcoin has shone brightly throughout this 2020, after it managed to recover and overcome the Black Thursday price drop.
According to Crypto Online’s Crypto Trend tool, Bitcoin’s price currently stands at USD 13,474. Last week the leading crypto was able to increase its value by 4%.
Thus, Bitcoin has offered a significant return for all its investors, especially large ones like MicroStrategy.