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Bloomberg: Biden election would be good for Bitcoin, bad for DeFi

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The latest Bloomberg crypto newsletter contends that the election of Joe Biden would bring greater mainstream adoption of Bitcoin (BTC), including a potential ETF approval. Further, it referred to the Trump administration’s policies with regard to crypto as “hands-off”:

“A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market — and nudge the firstborn benchmark toward the mainstream, improving chances for an ETF.”

Considering that yesterday, the Department of Justice published a 70-page Cryptocurrency: An Enforcement Framework, the newsletter likely was written prior to that.

The author purports that the same forces would hamper DeFi’s growth. Both conclusions are based on the assumption that a “Democratic sweep” would potentially enable greater regulatory clarity for the crypto space. The DeFi space has exploded this year in a completely unregulated environment. It is no coincidence that the perpetrators behind the KuCoin hack have been laundering their illicit proceeds through the biggest decentralized exchange, Uniswap.

Bloomberg asserts that regardless of the election’s outcome, “Bitcoin’s price will keep going up no matter who’s elected

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