As news started coming in that Donald Trump might be the next occupant of the White House, the price of bitcoin started to climb.
The price of a bitcoin sat at $722.95 at around 06:10 and the price started to climb as the votes were tallied. The price of bitcoin climbed to a high of $738.50 but appears to be on the decline with the price currently sitting at $732.16.
While analysts did predict that a Trump win (at time of writing Trump is in the lead) would boost the price of bitcoin but the boost would be short lived.
“[Trump] would certainly increase uncertainty domestically and, to some extent, globally, and that would provide a short-term, upward push to bitcoin prices,” cryptocurrency hedge fund manager Tim Enneking told Coin Desk.
This uncertainty was believed to be the catalyst that would fuel exploration in alternative assets such as bitcoin.
Surprisingly analysts predicted that if Hillary Clinton clinched the presidency the price of bitcoin would be largely unaffected. As Coin Desk points out, political observers saw Clinton winning as a continuation of out-going president Barack Obama’s term in office. This would provide less uncertainty in the marketplace and as such trading in alternative assets wouldn’t be as popular as it appears to be at time of writing.
Elsewhere the rand, Canadian dollar and the South Korean won are suffering against the US dollar.[Image – CC BY/2.0 BTC Keychain]