What does Joe Biden’s victory mean for Bitcoin?

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A look at the possible effects Biden’s confirmation as president of the United States would have.

Joe Biden’s victory in the U.S. presidential election could change the world in many ways. On the one hand, it is a defeat for talkative populism. And on the other, it is the fall of a „strongman. Donald Trump reminds us quite a bit of the charismatic leader of the Third World. A figure more personal than institutional, more visceral than rational, and more conflictual than conciliatory. The first change lies in the tone of the speech. Joe Biden is a much more traditional politician. That is, his style is less Third World.

Is Joe Biden’s victory a fact? What about Donald Trump’s allegations of fraud? Well, I’m afraid that in the United States there is still a lot of confidence in institutions. Something that usually doesn’t happen in Latin America. If someone in Latin America reports fraud in an electoral process, the most likely thing is that the accusation will become a fact in the opinion of the citizens. Because the personal comes before the institutional.

Something like guilty until proven otherwise.

In slightly more advanced democracies, the institutional prevails over the personal. And denunciations are treated as denunciations. This implies that the denouncer must present evidence. And it is the judge who has the last word. In the meantime, he deprives the principle of innocence until proven guilty.

Donald Trump has not yet shown evidence of the alleged fraud. And his accusations appear to be unfounded. For that reason, the media, the leaders of the United Kingdom, most of Europe, governments in Asia, the Middle East, Africa and the Americas have recognized his victory. In Latin America, two governments, Brazil and Mexico, have yet to acknowledge Biden’s victory. Interestingly, both governments are populist. In addition, the governments of Russia and China have decided to wait to make a statement on the matter. Both authoritarian governments. Institutionality is the key concept here.

Donald Trump is well within his rights to file complaints. If he has evidence of fraud, he should file it. But he is not a judge. He is not the Supreme Court. In other words, he cannot pass judgment. In other words, Joe Biden is the winner of the election, (until proven otherwise). For many, especially in Latin America, this is extremely confusing. Because the concept of institutionality is not very consolidated in the minds of many.

The financial markets, for example, took Biden’s victory the day after the election for granted in the afternoon. The moment the picture began to become clearer, fears were dispelled, and optimism invaded the markets. On election night, the markets were quite worried, because there was a lot of uncertainty. The fear was that the results would be too close. However, the crux of the matter was resolved. Biden won. Of course, there was nothing official yet. But that has never stopped the markets. The S&P 500 went up. Bitcoin went up.

The victory of Joe Biden and the vaccine of Pfizer they have brought much optimism among the investors. And the optimism means buyers. Is Biden a communist or a left-wing radical? Of course not. We must remember that Joe Biden is no stranger. Biden has been in politics for many, many years. And his positions are widely known. Biden’s record has proven time and again that he is no radical. Biden is a centrist moderate. A centrist. He is not a member of his party’s radical gang. Biden is not a Bernie Sanders, an Elizabeth Warren or an Alexandria Ocasio-Cortez. We’re not talking about the New Green Deal here.

Associating Joe Biden with the radical left during the campaign was a laboratory strategy on the part of Trump’s command. The strategy worked wonders in Florida with the Cubans and Venezuelans, by the way. But Joe Biden is very different from Fidel Castro or Hugo Chavez. The comparison is absurd.

In fact, Biden’s economic plan is not bad at all. At heart, it’s a classic Democratic recipe. And we should remember that Democratic administrations are better for the economy than Republican ones. There’s no radicalism anywhere here. The richer people will probably pay more taxes. But no big deal. Yes, we will have a generous stimulus package. But in this case, unlike the Trump packages, we will have a greater emphasis on fiscal stimulus rather than monetary stimulus. Which means that not everything will fall to the financial markets. The economy r