The election night dragged-on for days, and after a nerve-wracking election week of vote counting, Democrat Joe Biden defeated Donald J. Trump, becoming the President-elect and soon to be 46th President of the United States of America. His partner in the forthcoming administration, Vice President-elect Kamala Harris, made history by becoming the first-ever woman of color and South-Asian descent to hold that position. 

The Associated Press on Saturday declared Joe Biden as President-elect after he won Pennsylvania, crossing the threshold of 270 Electoral College votes. Donald Trump is the third President in the post-World War II Era to lose re-election. 

Biden triumphed by flipping the battleground states, like Michigan, Wisconsin, and Pennsylvania, which Trump won in 2016. Though Trump did win the states of Florida and Ohio, it hardly did him any favor in the end when it came to electoral victory. Besides that, Biden leads by millions in the popular vote as well. This election also saw a record number of votes being, a significant of which were mailed.

Apart from the record number of votes cast, this election will be remembered for a lot of firsts. It was the first Presidential election where a blockchain-based app was used to cast vote (Utah). The Associated Press published the election results on the blockchain, and not to mention, it all happened amid the fight against COVID-19 that has already claimed more than 230,000 lives in the country.     

After getting elected, both Biden and Harris embraced their victory with a powerful address to the nation, promising to fight Corona Virus together as a united nation and to bring significant reforms to ensure the well-being of America and its people. With that, all eyes in the crypto world are set on the forthcoming administration and its economic and regulatory stance, since the Trump administration has openly displayed its distrust on it, going ahead to even call crypto a threat.

Crypto World Eyeing the New Administration 

If we do a quick recap of the last four years of Trump presidency, the administration had not been kind to cryptocurrency. Hence, the US regulatory stance on the digital currency has been lagging in comparison to the other major economies in the world. With a brand new President on the way, the market analysts are feeling quite optimistic. 

The fact that President-elect Joe Biden has not made any comment regarding cryptocurrency is a positive sign and better than open disparaging of the same. The majority of the crypto industry key players have expressed their delight over Biden’s win, some even mentioning on social media platforms Trump’s negative tweets and statements about Bitcoin and crypto in the past. Some have agreed that the imminent Democratic administration would prove to be good for cryptocurrencies, owing to an expected second stimulus program, which will create inflation, benefitting Bitcoin.

Also Read: Bitcoin Trade and Price Predictions Post US Presidential Elections

The key appointees in the new administration will also have a role to play in determining its inclinations towards crypto. Many people within the Biden-Harris team are known to be crypto-friendly, which brings hope for the industry. VP-elect Kamala Harris’ campaign team has Ryan Montoya, who is the former CTO (Chief Technical Officer) of the Sacramento Kings, the most crypto-friendly and tech-savvy team of NBA. 

Andrew Yang, from Biden’s campaign team, is a Bitcoin enthusiast as well. He proposed the implementation of a blockchain-based voting system when running for the presidential race previously. After dropping out of the race, he launched a non-profit in order to promote crypto-friendly ideas. If Yang is to become a part of the Biden administration, he could very well be the one voicing strongly for the development of a sensible and standardized regulatory policy for cryptocurrencies. As of yet, there are no red flags to be seen and so the crypto enthusiasts are holding a positive stance towards the change in Power. 

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