Bitcoin values surge with Trump election results
Calgary investor said it’s typical in an uncertain market for buyers to vie for the virtual currency
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The U.S. election results have proven to be a boon to local Bitcoin investors – the value of the digital currency jumped up three per cent as the election results rolled in on Tuesday night.
This is while other markets around the globe were taking a downward turn.
Benjamin Perrin, Bitcoin investor and organizer of Calgary’s Bitcoin meet up group, said the currency has often become a hedge for market uncertainty.
Bitcoin also made a jump during the Brexit vote.
For a long-time investor like Perrin, the spike was kind of expected.
“You do see new people coming in, and they’re freaking out over a $30 or $40 price swing. You get a lot of, ‘oh, you must be new here.’”
Perrin feels Bitcoin is almost like a ‘out’ for people who want to protect themselves from an uncertainty in the current system.
After the initial shock of the Trump presidency, Perrin thinks that Bitcoin values will return to business as usual. He doesn’t plan on suddenly selling his Bitcoins to capitalize – the currency has been increasing in value since 2015, and he’s looking at a long-term investment.
“Anybody who’s a professional day trader that’s trying to ride the volatility – they’re having a fantastic time.”