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Bitcoin Boosted by Safe-Haven Demand After Trump Victory (cnbc.com)
Donald Trump's historic victory in the U.S. presidential elections has pushed up prices for the digital currency bitcoin. As the results for the election began to trickle in, the cryptocurrency quickly began to rise at around 2 a.m. London time. From a report on CNBC: The price for bitcoin was around 3.5 percent higher at 11:00 a.m. London time Wednesday at $733.84. Since November 4, the cryptocurrency has been stuck around the $700-709 trading band. The weakening dollar may have added to the rise, but the digital currency is also higher when priced in other currencies like the Chinese yuan, sterling and the euro. Charles Hayter, CEO and founder of Crypto Compare, said that the price is rising on safe-haven demand in reaction to the uncertainty created as a result of Trump's victory.
... and this is not a big deal. 3% change is a joke. This title should be more like, "bitcoin stays stable amidst tumultuous election."
Now, if gold or crude spiked, that would be interesting, because someone like trump is unlikely to support laws that severely impact the wealthy.
Because it means we all get to say "This is good news for Bitcoin!" and for once not be even slightly ironic.
You are not alone. This is not normal. None of this is normal.
More likely the price was boosted because of the speculation that it might. Bitcoin is rather unhinged from the fundamentals. The central mass of Bitcoin holders/traders typically just expect the price to skyrocket at any occasion.
There's nothing wrong with that, of course.. it's just funny how there are so many Reasons why Bitcoin behaves like it does, of which some are based fantastical fractal analysis etc.
The others then make their profits by playing with that sentiment or reasoning.
It's still rather unfinished and low scale platform, after all. Really long term holders (rationing the investments) would probably also do fine, if the political and technological risks don't materialize...