US elections, a springboard for Bitcoin: what happens to the most popular virtual currency

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The US elections and, obviously, their outcome are being watched with great interest by the entire planet. Depending on what is happening there, there are echoes in many areas, including Bitcoin, the most popular digital currency.

For several years, there has been talk of virtual currencies as the future of the digital economy. Bitcoin is indeed the best known of them, but there are many others on the market. The US elections and especially the fact that there was no clear winner immediately after the polls closed also influenced the cryptocurrency market.

Bitcoin, for example, has risen to more than $ 15,000 amid uncertainty across the ocean. It is the highest level since 2018. How long it will stay there or if it will go higher – remains to be seen.

Bitcoin is going up amid uncertainty in the US

Bitcoin rose to more than $ 15,000 the day the U.S. vote count began. It is the highest level recorded after January 1, 2018. The most famous cryptocurrency in the world was traded on Thursday at a price of $ 15,233 per unit according to the CoinDesk platform.

The value of bitcoin has doubled this year in the context of unprecedented stimulus measures taken by governments and central banks during the coronavirus pandemic, which, according to industry members, have made virtual currency more attractive than official currencies such as the dollar.

“Bitcoin was created in part because of fears that stimulus measures are devaluing currencies globally. As a result, when central banks announce large-scale plans to pump money into their savings, many cryptocurrency investors interpret this as a major sign that buying bitcoin, “said Simon Peters, a cryptocurrency analyst.

At the same time, the US government confiscated a record $ 1 billion worth of bitcoin coins in connection with an illegal platform called Silk Road, CNBC reports. Thousands of Bitcoin coins were seized by authorities this week in the largest cryptocurrency confiscation operation in the history of the Department of Justice.

“Silk Road was the most notorious illegal online platform of its time. The successful prosecution of Silk Road founder in 2015 left the $ 1 billion question open. Where did the money go? ”Said David Anderson, a lawyer from the Northern District of California, in a civil complaint.

Silk Road allowed people to buy and sell drugs and other illegal products and use bitcoin to anonymously fund these transactions. The dark web platform was shut down by US federal authorities in 2013, and its founder, Ross Ulbricht, was sentenced to life in prison two years later.

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