Last week saw bitcoin (BITCOMP) continue to blister through the $13,000 level, even touching $14,000 before dipping again. Despite these fluctuations in movement and the rapid dip following the rapid rise, I am happy with where we currently stand. It has been 12 years since Satoshi Nakamoto released their white paper on the world’s first cryptoasset, which sparked monumental change in how we think about currency. It is now the dominant force in a huge sector, with a community at its back and plenty of growth at its front. 

From here I would like to see the $13,000 level act as a new base, from which we can then again push beyond the highly touted $14,000 resistance level. 

In terms of how we make that approach, I think we should sit back and let it happen naturally. We are in a positive place right now and it will filter through to price. However, that’s not to say that a spark wouldn’t go amiss; a positive news development such as a confirmed fiscal stimulus package from the US government could push the price towards the $14,500-$15,000 mark. And whilst it usually takes a while for fiscal stimuli to filter back into the real economy, I would expect a more instantaneous reaction when the details and specifics are finally confirmed. 

It seems that we will have to wait until after tomorrow when the US goes to the polls before we see any further clarity. At least we know that stimulus remains a high priority on both Trump and Biden’s agendas.

But what of the use and proliferation of cryptoassets in general? Would crypto benefit from Republicans or Democrats being in charge? It isn’t so black and white. There are politicians on both sides who are pro-crypto, and there are politicians on both sides who are anti-crypto. It all boils down to the specific representatives that are elected and what paths they will look to take. What we do know is that the US election is clearly going to be a gamechanger, even at the base level of being the event that precedes the stimulus.