US presidential election will drive Bitcoin's growth

«History will show that 2020 was a breakthrough year for Bitcoin», says the chief executive officerdeVere Group, a leader in financial consulting, Nigel Green.

The analyst said that the price of bitcoin will rise, and the reason for this will be the approaching US presidential elections, which are scheduled for November, as well as the weakening of the dollar.

«We can expect that until the end of 2020, the world's largest cryptocurrency will be fueled by high-octane price drivers such as the US presidential election and the weakness of the US dollar»- said Green in an interview with Finbold.

This year the price of bitcoin has risen by about60% (based on the current price), which, according to Green, allowed the cryptocurrency to become one of the most effective independent assets in the face of uncertainty that has increased due to the COVID-19 pandemic. In his opinion, this uncertainty, which has already led to a two-year drop in the value of the dollar, will be further exacerbated by the presidential elections in November.

«Amid this uncertainty, investors will actively invest in safe-haven assets, especially those that are not tied to any specific country, that is, Bitcoin and gold», - he said.

«Moreover, in the future, BTC may knock gold out of its former leadership position, since the technological revolution will rule the world».

It is the continuous “stamp of unprecedentedamount of helicopter money" was identified by Greene as the cause of dollar inflation and subsequent loss of value. According to Cryptoverse user Nick Carter, partner at Castle Island Ventures and co-founder of Coin Metrics, Bitcoin's supply cannot be adjusted unnecessarily, a fact that eliminates the inflation concerns people have in relation to the dollar today.

The U.S. dollar is apparently not the only fiata currency fueling the bull run of Bitcoin and other digital currencies. For example, a number of Turkish citizens, constantly suffering from the depreciation of the lira, have chosen Bitcoin as a viable alternative.

According to the co-founder of the investment firmRyze Abhay Aluri, this year about 1 million people have registered on the large cryptocurrency exchange BtcTurk, and the number of its active users is about 100,000 per month.

According to the author, despite the strengthening of the Turkishlira between September 2018 and June 2019 in response to central bank action, currently set minimums prompted analysts to say the Turkish central bank is running out of reserves to support the lira exchange rate and there is “only one shock” left before the crisis.

Also, OKEx CEO Jay Haowrote that Turkey's economic problems are compounded by deteriorating relations with the governments of other countries, such as the United States, as well as by a number of central bank measures aimed at preventing the depletion of reserve liquidity. As such, the Turkish government encourages the country's young population to learn about blockchain and supports the tech business in an attempt to save its economy without relying on external resources.

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