Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says

Octavio Marenzi, founder and CEO of capital markets consultancy firm Opimas LLC, recently predicted that the current economic situation will shoot Bitcoin’s price “through the roof.”

Simultaneously, he suggested that the traditional financial markets will suffer as the COVID-19 fears grow.

Opimas CEO: Bitcoin Will Shoot Through The Roof

Appearing on RT’s Boom Bust, Marenzi was asked about the current state of the financial world and his prediction by the end of the year. He seemed somewhat cautious in providing precise numbers. Nevertheless, the CEO of Opimas outlined four factors that he believes drive the markets now.

According to Marenzi, those are the growing spread of the coronavirus, the stimulus deal proposed by the US government, the Federal Reserve’s policy, and the 2020 US presidential elections. He emphasized the importance of the upcoming vote as “people are starting to get nervous about that.”

The elections’ unknown developments could lead to a “messy” outcome, resulting in even more concerns among investors. Such circumstances could prompt severe price drops within traditional financial assets. However, Bitcoin might emerge as the winner.

“There’s a substantial chance that it’s going to be a contested election and will be very, very messy indeed. We will see the markets overall trending down, while things like Bitcoin shooting through the roof.”

Opimas CEO Octavio MarenziOpimas CEO Octavio Marenzi. Source: CNBC

COVID-19 Second Wave To Damage The Markets?

Once reports started emerging in early 2020 that a new virus coming from China was infecting people, the financial world took a beating. The worst came in mid-March during the so-called liquidity crisis, which saw massive price slumps among all assets.

The markets have mostly recovered since then, but the COVID-19 pandemic hasn’t disappeared. In fact, it seems that the dreaded second wave has just begun to develop. The number of confirmed cases grew above 40 million on Monday.

Several countries, mostly in Western Europe, have brought back some of the strict restrictions. Those include even full lockdowns.

Apart from health concerns, this also raises worries among investors. Bitcoin was not exempt from the first price drops, as it plummeted by over 50% in a day.

However, BTC is among the best-performing assets on a yearly-scale, with its 65% increase. Should Marenzi’s words materialize, the primary cryptocurrency could see even further long-term price appreciation.

The post Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says appeared first on CryptoPotato.

Publication date: 
10/20/2020 - 16:55
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