Okay, so the US elections are over, and the conclusion of this election marks both the end and the beginning of many things. For the first time we can stop thinking the election was holding the price of crypto or have this feeling that since the election wasn't done, we still have an embargo that's yet to be lifted.
This election created a financial and psychological roadblock, and to be honest, it was bearish. Before the election, many people were unsure of the outcome, particularly those who believed Kamala would win and destroy the price of Bitcoin.
In short, hearing about the US elections was bearish, but I believe all of the FUD will fade, and if BTC continues to lag in price, people will find another reason. Fortunately, all of the "what if" has ended, and beginning today, there will be a clearer picture of what we all think of crypto and its current or future prices, without mentioning the US elections.
Influential Investing
People are waiting for a winner to emerge before they can invest. With Kamala as the winner, many people will spread FUD, and I am confident that this will bring down the price of cryptocurrency, not Kamala.
The sentiment is what generates FUD; we saw her with Biden, and it was not good for crypto, so it was simply a matter of doing some cross multiplications.
Although the US elections may not have a long-term impact on crypto, the short-term impact will be significant.
We cannot ignore the interference between the government and cryptocurrency; while we all wish they could function independently, this is not the case for the time being.
Government policies alone create FUD, and while people will move on after everything, the short-term impact of a bearish candidate winning the election can slow down price movements. They are certain that Kamala is bad for crypto, but she was only a bearish candidate, and the speculation surrounding her is negative.
But here we are, Trump has won, and Bitcoin has soared to $75k before falling slightly. Was it truly the Trump factor? Yes. Many are now begining to feel bullish. I have no doubt that Trump will not be bad for crypto; if the sentiment around him is positive, then everyone appears to be fine. Again, who says sentiment does not drive price? Think again.
Politics & Crypto
I do not want to make this post about Trump's victory or get too political; it is not my place, but my analysis correlates with this victory, and I feel obligated to do so.
Social Media
People who do not believe elections are won on social media should see Elon Musk's presence on Twitter and how his hype generated massive support for Donald Trump.
I do not think Trump had an advantage over Kamala; it was more about packaging and charisma, and it just goes to show that hype is a powerful tool that should never be underestimated.
Elon Musk is, in my opinion, the world's most powerful influencer, as evidenced by his success with Doge coin. In fact, I believe memecoin began to gain credibility following Elon Musk's influence.
He might not go ahead to actually recoup his Twitter investment when he balances his books, but I don't see him selling Twitter anytime soon because of the influence he can push to make things happen. I'm not saying he won Trump this election, but we cannot underestimate his impact.
Having people who have interacted with crypto at the helm of government affairs is a bullish thing for crypto, and we will begin to see things unfolding soon.
In Conclusion
I believe people will start talking about BTC hitting $100k by the end of the year; it is possible. However, at this price, I believe BTC will still correct to 68, 70k. I believe this pump is simply a reaction to Trump's victory, just as we might have seen the (BTC) price fall to the 60 to 62k range if Kamala had won.
These would have been transient or temporary bumps or dips, but as I previously stated, corrections will occur, and the natural pump will occur at the appropriate time. So, if you bought Bitcoin before the election, congratulations, you are in profit; the dust will settle soon, and some corrections are unavoidable. Everyone will be back where they were, but the election uncertainty is over.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Posted Using InLeo Alpha
