Bitcoin and other dicy assets depend on the winner of the U. S. election because they will forget about market uncertainty regardless of the outcome, according to Jeff Dorman, leading investment director of the Arca cryptocurrency hedge fund.
“They just need to meet one winner,” Dorman told Business Insider in an interview Thursday.
He said that if most investors expect a suspended election, or in which none have a general majority, it doesn’t matter who wins, because all threat assets will see a significant increase.
Bitcoin jumped more than 4% this week to $13282 on Friday and has risen 80% since the beginning of the year, the virtual currency near its peak of $13,880 in June 2019.
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Last week he won a number of support headlines. PayPal said it would allow users to buy, sell and move Bitcoin, investor Paul Tudor Jones called it “inflation trading,” and money-generating corporations like Square, Microstrategy and UK fintech Mode revealed it. they had bought Bitcoin as a component of their money reserves.
Dorman, who has worked in the asset control industry for 17 years, said a billionaire investor like Tudor Jones making an investment in Bitcoin would not necessarily cause a bull market, but reduced the threat of entering the virtual asset market.
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Dorman, who calls himself the Bitcoin bull, said money-generating corporations were disrupting the classic money sector because they had the ability to offer virtual assets faster.
“Look at the percentage costs of classic fintech banks this year and see how payPals and Squares and others are doing compared to JPMorgan and Bank of America,” he said. “It’s masivo. es deal for bitcoin, in the sense that it’s now providing an additional service that banks can’t provide,” he said of the fintech perspective.
Dorman does not believe Bitcoin is a refuge option for the US dollar, however, he said it could offer inflation coverage.
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