Could the US election take the pressure off bitcoin?

• During the middle of March, the pandemic of coronavirus had a massive hit on the world economy including the space of crypto. 
• This was a turning point for bitcoin and it established itself as a non-correlated asset as it got recognition from some of the top critics of crypto including people like Peter Schiff.

Over the course of 2020, we have experienced some highs and lows within the crypto space. During the middle of March, the pandemic of coronavirus had a massive hit on the world economy including the space of crypto. This was a turning point for bitcoin and it led to accelerated adoption and established itself as a non-correlated asset as it got recognition from some of the top critics of crypto including people like Peter Schiff.

Earlier in the year, there have been many experts who have claimed that 2020 is a bullish year for bitcoin as it was even before the crash of the black Thursday event in March. 

The founder of Fundstrat, Thomas Lee recently spoke at an event in Istanbul where he said:

“I think there’s even a chance that Bitcoin could end, or touch the level of, somewhere around $30,000 this year.”

There are a lot of people that are now bullish on bitcoin including Lee, especially after the third halving event that took place in May. 

Some people believe that the US presidential elections are going to play a big part in the future of the leading cryptocurrency. Lee highlighted numerous reasons as to why this year will be bullish for the currency and a lot of attention will be on politics meaning that less people will have their minds focused on bitcoin.

That being said, given the current state of the United States thanks to COVID-19 and the lockdown measures across the nation, this may be completely relevant in the future.

Even though the focus will be away from bitcoin, politics and crypto are now somewhat involved with each other. Around this time last year, the President of the US, Donald Trump took to Twitter to say that he’s not a fan of bitcoin or any cryptocurrencies. But looking back into more recent times, Trump vaguely promoted bitcoin in March this year.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!