- Bitcoin’s worth has elevated immensely since 2016
- It has elevated 1,000 occasions since Obama’s re-election in 2012
- The cryptocurrency has lengthy been thought-about a hedge towards financial uncertainty and political instability
The worth of Bitcoin between 2016, when President Donald Trump acquired elected, and now demonstrates how far its worth has elevated within the final 4 years.
On election day, Bitcoin closed at $14,035, a brand new 2020 excessive. Bitcoin steadily climbed from the March 2020 crash, when it bottomed at round $3,800. The benchmark cryptocurrency is up 250% since then.
On election night time in 2016, 1 bitcoin was price $700. It elevated to $735 after Trump’s victory was sure. The worth of Bitcoin has elevated 18 occasions since then, information outlet Decrypt reported.
Bitcoin was simply 4 years outdated when Barack Obama was re-elected in 2012. Bitcoin was price $12.52 in November the identical 12 months. This implies its worth has already elevated over 1,000 occasions since Obama was re-elected for a second time period.
The worth between elections exhibits how a lot Bitcoin’s worth has modified each 4 years. Curiously, the Bitcoin halvings, an occasion when the brand new provide of Bitcoin will get lower in half, have taken place during election years as effectively.
Since Bitcoin was capable of enhance in worth and continued to take action after the March 2020 crash, many have thought-about the benchmark cryptocurrency as a hedge towards inflation, political instability and financial uncertainty. This places Bitcoin in the identical class as gold, which, for hundreds of years, has saved its worth.
On the time of this writing, Bitcoin was price $13,600. Regardless of the uncertainty surrounding the 2020 elections, Bitcoin has saved its momentum intact and has been above $13,000 within the final 11 days. That is in distinction to different cryptocurrencies, together with main ones like Ethereum, whose worth couldn’t even breach the important thing resistance at $400. Analysts predict additional draw back to altcoins if Bitcoin will proceed its momentum.