Bitcoin has just about touched $16,400 with the crypto seemingly testing again whether it can reach that $17,000.
That’s while stocks are up, Footsie gaining 2% with Dow futures suggesting an increase of 1.4%.
All of it creating somewhat an atmosphere of optimism as America awaits a new president and thus a new chance of doing things better.
Joe Biden, the president elect, has promised plenty in that regard, stating he will give startups support, he will invest in clean energy, in infrastructure, and big corp is gone pay for it.
He’s also promised to invest a lot more in research and development, the one sure thing for return on investment yet often puzzlingly somewhat neglected due to its returns generally being long term.
He says he’ll back innovation, and what president would say otherwise with it to be seen what he actually does.
But for now, one has the privilege of hoping and optimistically dreaming a bit that a new presidency may well mean a better way of doing things.
The American civil service for example needs to modernize to be more responsive and more effective.
Congress also needs to do its job at looking what laws are a bit way out of date and are being used by incumbents to choke innovation and meritocracy.
As the boy who rose from nothing, one should expect Biden to at least try to do right by middle America, and what’s right for middle America is obviously right for bitcoin.
There, Fed may have more say due to their ‘inderpendence,’ which has led these bureaucrats towards the path of fulfilling Karl Marx’s prediction with their implementation of the Modern Monetary Theory.
Something that may not be great for America as a whole, but should be a big boost to bitcoin due to its hedging abilities, especially when it comes to monetary debasement.
That said, debt in itself is not bad provided it is invested to generated bigger returns than the interest charged on it.
That will depend on what Biden does, but on paper it sounds like America can begin to regain some optimistic energy again, with bitcoin so rising as if to greet this new United States.