Voting is already possible, but officially the American elections will begin on 3 November. Who is going to win, Donald Trump or Joe Biden? Regardless of the outcome, it is bitcoin that will win. At least, that is what Barry Silbert, CEO of cryptocurrency investment fund Grayscale, says.
A lot of money is going to be printed
Whoever wins, Barry Silbert thinks bitcoin looks better: „Trump wins = brrr. Biden wins = brr.
With brrr, Silbert is not referring to the weather forecasts in America, but to the additional printing of dollars. The Federal Reserve can print unlimited dollars, while the maximum number of bitcoins is set at 21 million.
Grayscale sees interest in bitcoin rise
Grayscale is a cryptocurrency investment fund, with as much as USD 7.6 billion under management. Last week the fund published a new study, in which the team behind Grayscale emphasizes the potential of bitcoin.
According to Grayscale, 36% of the investors were interested in bitcoin in 2019. This year that percentage has risen to 55%. The increase of almost 20% can also be seen in practice. More and more institutional parties are showing an open interest in bitcoin. Think, for example, of MicroStrategy and PayPal.
Bitcoin becomes mainstream
The strong fundamentals behind bitcoin and rapidly growing demand could offset the risk during the US elections in the fourth quarter.
Grayscale’s research shows that investors were not only interested in bitcoin, but that these investors had actually bought bitcoin. This concerns 83% of the people who had the intention to buy bitcoin:
„This indicates that digital currency is becoming an increasingly attractive part of modern investment portfolios“.
According to Grayscale, the main reason for holding on to bitcoin remains the hope that the price will rise sharply. But in the eyes of institutional investors bitcoin is also a way to retain value.
These investors are planning to slowly expand their portfolio with bitcoin:
„In 2019, 59% of respondents said they would start buying a small amount of bitcoin. They want to expand their investment after that. By 2020, this percentage will have risen to 65%“.