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Bitcoin Rally Likely Tied to U.S. Election: Expert

Friday, Nov 13 2020
Cryptocurrency
Written by  FinTech News Brief Staff

As Bitcoin pushed passed the $16,000 mark, some experts have speculated the U.S. presidential election might be behind the rally. So reports CNBC.

bitcoin 2008262 640smallThe value of Bitcoin has not been this high since early 2018. Nicholas Pelecanos, an expert cited in the article and the head of the NEM crypto trading exchange, said the prospect of more stimulus, which both sides seem to want, is good for both equities and Bitcoin. Other explanations for the jump include investors hedging against the devaluation of fiat currency due to COVID-19 stimulus and wider-spread acceptance from companies like PayPal.

Read the full article from CNBC.

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