KEY POINTS

  • Bitcoin's price has increased immensely since 2016
  • It has increased 1,000 times since Obama's re-election in 2012
  • The cryptocurrency has long been considered a hedge against economic uncertainty and political instability

The price of Bitcoin between 2016, when President Donald Trump got elected, and now demonstrates how far its value has increased in the last four years.

On election day, Bitcoin closed at $14,035, a new 2020 high. Bitcoin steadily climbed from the March 2020 crash, when it bottomed at around $3,800. The benchmark cryptocurrency is up 250% since then.

On election night in 2016, 1 bitcoin was worth $700. It increased to $735 after Trump's victory was certain. The price of Bitcoin has increased 18 times since then, news outlet Decrypt reported.

Bitcoin was just 4 years old when Barack Obama was re-elected in 2012. Bitcoin was worth $12.52 in November the same year. This means its price has already increased over 1,000 times since Obama was re-elected for a second term.

The price between elections shows how much Bitcoin's price has changed every four years. Interestingly, the Bitcoin halvings, an event when the new supply of Bitcoin gets cut in half, have taken place during election years as well.

Since Bitcoin was able to increase in price and continued to do so after the March 2020 crash, many have considered the benchmark cryptocurrency as a hedge against inflation, political instability and economic uncertainty. This puts Bitcoin in the same category as gold, which, for thousands of years, has kept its value.

At the time of this writing, Bitcoin was worth $13,600. Despite the uncertainty surrounding the 2020 elections, Bitcoin has kept its momentum intact and has been above $13,000 in the last 11 days. This is in contrast to other cryptocurrencies, including major ones like Ethereum, whose value could not even breach the key resistance at $400. Analysts are expecting further downside to altcoins if Bitcoin will continue its momentum.

Americans finally vote to choose between four more years of President Donald Trump or his challenger, Democrat Joe Biden Americans finally vote to choose between four more years of President Donald Trump or his challenger, Democrat Joe Biden Photo: AFP / JIM WATSON