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Why Bitcoin Loves Biden

Our readers ask us a lot about Bitcoin. We’re not especially knowledgeable about crypto currencies and few of us are major investors in them.

But what is undeniably true is that Bitcoin has been one of the biggest upside movers in the market over the past year. Its price has more than doubled (up sone 130%) from around 30,000 last March to around 70,000 now. Since Biden was elected, Bitcoin’s value has more than tripled.

In the last two years, Bitcoin has outperformed major stock indices – including the S&P 500 and the Dow Jones.

Why? Because of jittery investor confidence in the dollar. Like gold, Bitcoin is a hedge against inflation. Both prices have been rising. If the dollar were stable in value and investors believed the Fed was committed to smothering inflation, Bitcoin would be a flat investment. It would lose its function as an alternative to the dollar as a store of value.

One thing seems obvious: the surge in Bitcoin’s price, at the same time gold and commodity prices are rising, is a pretty strong indication that inflation isn’t falling. It’s a mystery to us why the Fed should be cutting interest rates. The cutting necessary has to come from Washington by slashing spending. And that isn’t happening while Biden is still in the Oval Office. Bitcoin investors are the big winners.

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