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Bitcoin has a stubbornly apolitical nature, making it, strangely enough, a political statement in today’s boisterously politicized world.
In this episode of Bitcoin Magazine’s Fed Watch, my co-host Christian Keroles and I discuss the recent US presidential election and what it means for Bitcoin. Our discussion is broad, ranging from election irregularities to the recovery of mining hash power to short-term bitcoin price predictions. Bitcoiners – those who believe that Bitcoin can change the world for the better – view bitcoin as generally isolated from most other market problems. They think political and monetary events inevitably force human nature’s interaction with bitcoin’s unique properties, creating a perhaps politically unpopular but inevitable outcome. They believe this process will take place regardless of the election results and the only question is how soon it will happen.
I am a staunch advocate for the fight against voting, which goes into elections as a route for central planners and statists to legitimize their intrusion on the electorate. It is now popular to dispute the validity of these elections, and hopefully people will realize in the process that they have to dispute the validity of all elections. By casting a vote, there is actually room for electoral fraud and harmful laws. We cannot achieve prosperity and happiness through a ballot box.
Nevertheless, the markets seemed to approve the outcome. Whether that’s because they’re trying to price in further stimulus or as an effect of relief that election day is over, the markets jumped up.
Keroles and I discuss where they are going from here. The conversation is also moving towards the recent volatility of the bitcoin hash rate. In recent weeks, the end of the rainy season came to electricity tariffs in China and an apparent massive relocation of mining equipment to other parts of the country. This resulted in the second largest downward adjustment in difficulty in the history of bitcoin mining, followed by a strong recovery. In this episode, I discuss at length from his recent article on the seasonal hash rate.
This is a guest post from Ansel Lindner. The opinions expressed are entirely his own opinion and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.