The 2020 United States Presidential election is not far away. As a result, two cryptocurrency traders tweeted about their predictions on the change of the price of Bitcoin with respect to the occurrence of the election. A trader with the username “BigCheds” has to say that after they get a clear winner and a smooth shift of power, there are great chances of no effect in the price of one Bitcoin. “BigCheds” also added that on the other side, in case they get a contested and/or close election, there are chances of seeing a bounce in risk-off assets such as gold and bitcoin.
The 2020 “Presidential Election” will be Different
This time the Presidential election is going to be special due to this crazy 2020, and as a result, there will be various points remaining at play. Another trader with username “CryptoWendyO” made the statement that this year is definitely gonna be a lot different for the elections considering what has been seen in the previous days for the COVID-19 pandemic and the global economy showing a great downfall.
She also added to this that amid a pandemic like Covid-19, one could easily assume that BTC would pump because of the financial market instability, but it is not yet coming into vision.
Twitter is Full of Political Stuff Now
The cryptocurrency section in Twitter is now full of political discussions these days leading to the 2020 “presidential election” that will be held in the next month of November. The event is gonna be accompanied by major pandemic scares, economic issues, and also business failures.
More Statements from WendyO
WendyO also stated that this year the tensions related to the election is higher than ever and the markets lack incoming money. She is very unsure about that to take place this year as 2020 has already come to an end and also the middle-class ones are still hanging on to their capital.
The Government stimulus money also plays into the equation, with the present administration breaking down to go to a point on further economic support.
Both crypto and the conventional markets have shown their responses to the news, which states that the president had made a decision to delay more stimulus talks until the presidential election is getting over.
She Further Explains
WendyO has come up with more explanation regarding this. She has to say that after the election is over, they might get an idea regarding the time of opening up of the economy. She believes that a change will soon be seen in the price of Bitcoin, and she chooses to remain hopeful about this. However, the current price action should be focused on at present. Thus, she highlighted the struggle of Bitcoin to break decisively and carry over weekly chart resistance levels.
The main thing here is that the price of Bitcoin recently went back to its former state of over 11000 USD, a ray of sunshine.
Cryptocurrency has been in India for many years, and people have been interested in the currency. The concept of Bitcoin was new and was appreciated by the Government.
BUYUCoin has established its system to govern cryptocurrency in India, claiming to have the cooperation of “all Indian Cryptocurrency stakes.” But the stakeholders that helped create the system or ‘sandbox,’ that is officially published on October 2, are not yet visible.
The system was defined by BuyUCoin, which has over 350,000 users and manages billions of dollar operations as draught laws, proposals, and methods.
The Indian Government will be presented with the structure. It is following the Indian Supreme Court’s inability in March to bar circular banks and other financial institutions from engaging with crypto companies by the Reserve Bank of India. Last week, Bloomberg reported that the Indian administration intended to implement a new proposal to ban the trade in cryptocurrencies during the Monsoon Session.
“This is the first achievement of a long journey to make crypto-monetary masses available,” said Shivam Thakral, BuyUCoin ‘s CEO and co-founder.
“There is the feedback of crypto experts and business stakeholders in this bill for the sandbox, which will not only help the government make legislation but will also direct start-ups and young companies into this thriving industry.”
Cointelegraph asked BuyUCoin to find out which stakeholders were concerned and revised the story after reacting.
Charles Bovaird, Vice-President of Quantum Economics and Forbes Senior Contributor, praised the new sandbox.
“The ban on crypto commerce would lead to India slipping behind other permissible nations. The industry players will apply the much-needed crypto legislation in the country by lobbying the Indian authorities.
Separately, Crypto Kanoon, the law firm Indian blockchain, tried to create a possible crypto prohibition in 1953 instead of the nation’s prohibition of trade in derivatives that had permanent adverse effects on the financial sector.
‘The Government shouldn’t replicate the error. The first step in the right direction will be to control cryptocurrencies as commodities,’ said co-Founder Kashif Raza in a Hindi language video posted on Twitter.
Raza points out that the commodity trade did not end after the prohibition during those 50 years. Rather, private players executed it unlawfully. For crypto, the same thing could happen. It is the effort and dedication of so many years that is going to
The longer we keep the legal system, the longer we go back in time and allow mafias access to illegal activities.
BuyUCoin launches the first draught of the sandbox on October 2, 2020, which can be viewed on buyucoin.com/sandbox. You can get to know the minutest details and everything about the norms and regulations that will be forwarded by the Government. There will be no ban on the procedures, but it is also being said that one can only deal in the bitcoins with prior permission.
It will be a quick action to avoid any kind of illegal practices, and hence the Government will be keeping a keen eye on all the transactions.