Analysts have been exploring the possibility that Bitcoin price rallies could be connected with years when there is a presidential election in the U.S.
Looking at the charts may lead one to believe that there is a correlation between Bitcoin bull runs and presidential elections.
After Obama was elected in 2012, Bitcoin surged over 10,000% the following year. Trump was elected in 2016, and Bitcoin surged over 2,500% the following year.
Messari researcher Ryan Watkins has put the two together, coming to the conclusion that they are related.
“Not a lot of people know this, but U.S. presidential elections are a leading indicator of Bitcoin bull runs.”
Not a lot of people know this, but US presidential elections are a leading indicator of #Bitcoin bull runs.
The 2008 election was such a strong catalyst it caused the launch of Bitcoin just 2 months later.
The results speak for themselves. pic.twitter.com/SBdCRvgJtf
— Ryan Watkins (@RyanWatkins_) April 27, 2020
The following statement that the 2008 election was such a strong catalyst that it caused the launch of Bitcoin just two months later, however, is a little farfetched.
Satoshi himself blamed the banks for the crisis in the Bitcoin whitepaper, so that was clearly the real catalyst.
Coincidentally, those rallies also occurred in years following the Bitcoin halving events, which is due in just two weeks’ time.
With an election due this year and a halving, a massive bull run could well materialize in 2021 if history rhymes.
Featured image courtesy of BarBus/Pixabay