Election Results Prove Positive for Bitcoin

Guest Author | November 10, 2016 | 8:00 am

Election Results Prove Positive for Bitcoin

Guest Author | November 10, 2016 | 8:00 am

The election is over, and many Americans are shocked by the results. In a stunning upset, Republican candidate and businessman Donald J. Trump has pulled off a sweeping victory in the electoral college to become the next president-elect.

The outcome has left the nation as divided as ever. Some are ecstatic over the news, while others are left feeling depressed and even angry.

Virginia coal miner Jimmy McDonald is one of many expressing joy over Trump’s victory, stating:

“There’s still some good in America. The people have spoken. The people said, ‘enough is enough.’ He’s going to bring back jobs. He’s going to bring back faith in America.”

Others, however, are left feeling torn up inside regarding the mogul’s win in Washington. 68-year-old Democrat Terry Zee said:

“I fear for our country. I cannot imagine that as well as our country is doing right now, with all the improvement and all the gain we’ve had for equal opportunity and social justice – it just makes me sick to my stomach.”

Regardless of personal feelings, Trump is continuing to defy expectations, repeatedly turning things in the opposite direction. Many were left feeling that a Trump victory would inherently wound the NASDAQ, but several major stocks including those of Ariad Pharmaceuticals, Caterpillar Inc. and the United States Steel Corp jumped as high as seven to 23 percent following the big announcement, closing the U.S. market higher than expected in the previous weeks leading up to the election.

Bitcoin has also benefited. Bitcoin companies ranging from Digital Currency Group to ZebPay claim to have seen massive spikes in trading following the announcement of Trump’s victory, and the election results are slated to push bitcoin’s price even higher.

Saurabh Agrawal, co-founder of ZebPay explains:

“People look at gold and bitcoin as alternate tools for investment. There has been a spike in volumes of bitcoin trading by about 20 percent, and even we are seeing a surge in trading in recent weeks.”

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