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The investors who decided to gamble on the rise on Bitcoin’s price amid the market volatility caused by the US elections were handsomely rewarded as the most popular cryptocurrency hit $14.900 on Thursday. It’s the highest price Bitcoins has reached since January 2018 and it now stands 10 % higher than on Election day. Now, let’s get ready to discover how gambling on the price of Bitcoin boosted investors’ bankroll.
A lot of investors are using Bitcoin as a hedge against political risks and market uncertainties. Treasury yields dropped, and the dollar declined during the past week while bitcoin continued to surge with positive returns for almost five consecutive weeks. Many feared the election turmoil will lead to a crypto sell-offhe general feeling has quickly turned to enthusiasm as investors and traders see Bitcoin as the safest investment against the possible inflation.
The Bitcoin surge was also helped by some market news announced in the past few weeks. The largest company in the field of digital payment, PayPal, has announced that moving forward, it will accept purchases made with virtual currencies on its platform. On Thursday, The Bank of England added $195 .20 billion to the asset purchase funds. The US Treasury is expected to make a similar move to help keep the national economy afloat. The news will further help achieve the long-term crypto objective of becoming a viable and wide-spread payment means.
Going forward, Bitcoin investors are hoping for more market clarity and the adoption of virtual forms of payment by major finance players. As the Democratic candidate, Joe Biden edged out a win against the current US president, the Republican Donald Trump, President Elect Joe Bidenhas pledged to spend $5 trillion on education, health care, infrastructure projects, and paid leave benefits once he takes over the office. Cryptocurrency enthusiasts are counting on the increased Government spending leading to speedy economic recovery and forcing the Fed to print more money that should work well in favor of Bitcoin value considering its finite supply. However, with the power balance in congress still not clear, some caution going forward is advised.
Another factor going for Bitcoin investments is the performance of the currency during November in previous years. Commonly, this month produced negative returns for the Bitcoin owners, but in the election years, 2012 and 2016, November ended in green both times. This is encouraging and provides a positive outlook for Bitcoin’s chances in the last two months of this year. It’s not beyond the realm of possibility that Bitcoin will reach the $15.000 mark before December 31st.
If you’re thinking about investing in Bitcoin, make sure that you also make use of some of the advantages of switching to this cryptocurrency when making online casino deposits.
BetOnline, the US sportsbook giant, is offering a 5% Bitcoin boost on every deposit made in this virtual currency. Additionally, they have also prepared a 100% first-time Crypto Bonus and 35% Reload Bonus. If you’re interested in adding some more value and increasing your Bitcoin portfolio head over to BetOnline through ArmyOfBitcoin.com links, and banners today and register for an account to use the advantages of this limited-time-only offer.