How will Joe Biden's victory in the US election affect Bitcoin?

On Saturday, after several busy days of vote counting, Democratic candidate Joe Biden was declared the winner of thePresidential elections in the USA. In this way, he held a victory over the current president, Donald Trump.

According to Bloomberg, Biden, who should becomeThe 46th president of the United States, received 284 electoral votes from the required 270, while Trump had 214. His decisions regarding the appointment of heads of regulatory bodies could affect the future of the cryptocurrency industry, CoinDesk notes.

It is known that the current US President Donald Trump does not consider himself a supporter of cryptocurrencies. Last year, Trump wrote:

"I am not a fan of bitcoin and other cryptocurrencies that are not money, whose value is extremely volatile and comes from nothing."

Trump refuses to admit defeat in the election and intends to use legal mechanisms to review the results.

Biden in the past did not indicate his ownattitudes towards cryptocurrencies, but some of its supporters are counting on improved policies for the tech industry, and large companies are hoping to move away from antitrust investigations. About three decades ago, as a senator, Biden introduced laws against encryption, thus inadvertently promoting the development of PGP keys.

It does not cover who canbe promoted to leadership positions. However, there is information that the Treasury may be headed by Fed Governor Lael Brainard, who oversees the initiative of the Federal Reserve Bank in Boston to create a digital dollar.

In addition, Biden's team may include a formerChairman of the Commodity Futures Trading Commission (CFTC) Gary Gensler. He taught a course on the use of bitcoin and blockchain in finance for MIT students. He also owns a publication in which he calls Bitcoin a "catalyst for change," despite its close association with fraud and manipulation.

Blockchain Association Director Christine Smithnoted that although there is little information about other positions, Biden's presidency could change a lot in the US approach to regulating cryptocurrencies, but it is not yet clear whether these changes will be positive or negative.

Partner at the consulting firm FS Vector JohnCollins expects cryptocurrencies to be of secondary importance to the new administration given the current economic and other challenges. At the same time, he admits that Biden will involve people who are already familiar with the cryptocurrency space in regulation. In the past, there was a clear shortage of such personnel.

Participants in the decentralized market for predictions Polymarket, meanwhile, consider Trump's victory less and less likely and now estimate it at 3%.

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