Bitcoin in the News : 2016-11 Election

Bitcoin news last month was dominated by the U.S. presidential election results (as was most news in general). The victory of Donald J. Trump over Hillary Clinton reminded many observers of the unforeseen, populist result of the Brexit vote near the end of June. At that time I wrote two posts -- Stores of Value (25 June 2016) and Bitcoin in the News : 2016-06 Price (02 July 2016) -- both of which could serve as templates for the current post-election analysis.

News stories for November followed a predictable pattern. First there was the pre-election prognostication.

• 2016-11-02: Bitcoin & US Elections: Surge in Hedges Against Market Decline As Trump Leads (cointelegraph.com)
• 2016-11-08: (election day) Bitcoin Traders Believe Trump Win Could Trigger Price Boost (coindesk.com)

Then there was the immediate reaction to the unexpected result. There were so many stories that Google News offered 'Full Coverage'. Here is their main story followed by the related stories.

• 2016-11-09: Bitcoin Price Jumps 3% on Trump Victory (fortune.com) • 'The digital currency joins gold as a safe haven.'
• Full coverage: ncl=http://fortune.com/...

In June I wrote about 'store of value'; here we have 'safe haven'. Are they the same thing or is there a subtle distinction? Whatever the answer, the following days brought more reflective stories.

• 2016-11-10: Here's why Trump's win boosted Bitcoin (businessinsider.com) • 'It's an alternative asset. It is a decentralized currency.'
• 2016-11-11: Bitcoin Wasn't the Only Digital Currency to See Post-Election Bounce (coindesk.com)

This morphed into another round of 'Full Coverage'.

• 2016-11-13: Will Bitcoin Have its Moment in the Trump Era? (coindesk.com)
• Full coverage: ncl=http://www.coindesk.com/...

After a few weeks there was anecdotal analysis of the new reality: Trump would soon be U.S. President.

• 2016-11-23: Blockchain opens 10 millionth bitcoin wallet after Brexit and Trump boost (businessinsider.com)

As for the post-election price bumps, I was surprised to find a number of reasons offered by the pundits. Here are contradictory views from the period 2016-11-09 Full coverage:-

• 2016-11-09: Cryptocurrencies rise on Trump victory (techcrunch.com) • 'What’s clear is that when politics defies conventional expectation, and when very many best laid plans are laid to wrack and ruin, cryptocurrencies are acting as a haven and a hedge against uncertain times -- alongside the traditional one: gold.'
  
  
• 2016-11-09: The Trump Train Goes to Washington; Three Ways Trump Helps Bitcoin • '[Trump has] already done more in one night than President Obama has done in eight years. Thank you America, for joining me and the rest of the liberty movement on the right side of history.'

That first sentence of 'Trump Train' shows that the rest of the opinion piece is not exactly thoughtful analysis. What are the 'Three Ways Trump Helps Bitcoin'?

• 'Bitcoin price should go up even faster for the rest of the year'
• 'Not having World War III should be good for Bitcoin'
• 'Choosing the right President protects the Internet and Bitcoin'

'Not having World War III' should be good for just about everything and not everyone agrees that Trump is the 'right President', but Americans do have freedom of expression ... at least for now.