US election: Bitcoin to surge to $400,000 if Biden wins, expert claims | City & Business | Finance

The crypto-currency is now set to surge far beyond its former all-time high, when it reached $20,000 (£15,193) in December 2017. The popular crypto-expert has predicted that will surge to $28,000 (£21,270) by the time of the inauguration day if Mr Biden is elected. The US election and coronavirus has caused major uncertainty in world markets with tech stocks and the US dollar falling in value.

Crypto-currency guru Mr Keiser tweeted: “A Biden win will lock China’s global supremacy, crash the US dollar, send Bitcoin to $400,000.

“This is because $100,000,000,000 in global managed funds will start allocating into Bitcoin to escape.

“Expect Bitcoin well above $28k by Inauguration Day.”

The host of the Keiser Report predicts the Bitcoin price will very soon break through the $13,000 (£9875) price ceiling and then break out into a bull run.

He tweeted: “A Biden win will trigger a stampede into Bitcoin as the global wealthy attempt to escape.”

The coronavirus pandemic has also affected Bitcoin with investors choosing to transfer their assets to safe heavens.

Confidence in Bitcoin has escalated after PayPal announced it would allow payments using the crypto-currency.

Speaking to CNBC Bitcoin investor Mike Novogratz also claimed a Joe Biden win would be good for cryptocurrencies.

READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies

Mr Trump is not a fan of crypto-currencies.

According to Mr Trump’s former aide John Bolton the incumbent US president asked for his treasury secretary to “go after Bitcoin” in 2019.

In July 2019 Mr Trump said he was “not a fan of Bitcoin and other cryptocurrencies, which are not money”.

He added: “Their value is highly volatile and based on thin air.”

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