In the run up to the Presidential elections, Bitcoin rallied past $15,000 on November 5th, reaching its record high in three years. Since the beginning of this year, Bitcoin has more than doubled. The month of October has been particularly happening with the Bitcoin surging over 40%. It has also leapfrogged the major asset classes in 2020. The Bloomberg Galaxy Crypto Index of digital currencies has increased by nearly 120% in 2020, surpassing even the 30% rise in the value of gold. As Bitcoin skyrocketed, the US dollar dropped to its lowest level since 2018.
The coronavirus crisis, diminishing the value of the US dollar, and a dovish monetary policy stance, have enhanced the appeal of the cryptocurrency among investors. They are now considering Bitcoin has a hedge against inflation and a store of value.
Experts believe that the victory of Joe Biden will further strengthen the value of Bitcoin and it can even cross $20,000, its highest level since 2017.