The 2020 U.S. Presidential Election swept over the nation with chaos and turmoil. The election mess, with alleged voter fraud, ballot tampering and the removal of Republican election observers challenged the notion of a fair and free election. On the Saturday after Election Day, when major news networks and the Associated Press called the presidential race for Joe Biden, disputes over the outcome with recounts and federal lawsuits quickly fended off the blue waves that were spreading in Democratic states.
In the midst of the increased tension, when the American people showed a vote of no confidence in the integrity of the electoral process, the bitcoin price surged to over $15,000, marking the highest mark since its all-time high historic run in 2017. Tyler Winklevoss, co-founder and CEO of the Gemini cryptocurrency exchange, tweeted:
The rise of #Bitcoin is a referendum on politicians, governments, and bankers around the world.
— Tyler Winklevoss (@tyler) November 5, 2020
Bitcoin, which came into existence in the aftermath of the 2008 financial meltdown, has shown steady development over the past 12 years. With an ability to “be your own bank,” this open-source electronic cash began to enable financial freedom. Now, as a contested election deepens a crisis of legitimacy, Bitcoin presents an alternative to the existing system of governance.
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