Mr Biden will be inaugurated as US President today, leaving business leaders to speculate on how his new agenda could impact the economy and business. Bitcoin traders are no different, but senior analyst at Investing.com Jesse Cohen believes Mr Biden's presidency could hurt the value of the cryptocurrency. She said earlier this month: “While many expect the Bitcoin rally to continue in 2021, I’m more concerned with what the Biden administration could mean for cryptos. "Incoming Treasury Secretary Janet Yellen in the past has warned investors over Bitcoin during her time as Fed Chair, calling it a highly speculative asset and not a stable store of value.
"I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation.
"That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
Even before Mr Biden's presidency, Bitcoin's value has regularly surged and then dropped, as proven by the early weeks of 2020.
The cryptocurrency was valued at £25,000 on January 5 before rising to a price of £30,000 on January 7. But before this, it endured its worst decline since March last year, losing around 20 percent of its value in just two days.Insurance Loans Mortgage Attorney Credit Lawyer
Some fear that President-elect Mr Biden will oversee an intensification of regulation when it comes to crypto.
Bitcoin news: Biden could see values fall, an expert warned (Image: getty)
Bitcoin news: Biden could have a big impact on Bitcoin (Image: getty)
JP Theirot, chief executive of California-based Bitcoin and cryptocurrency trading platform Uphold, told Forbes in November however that another member of Mr Biden's administration could prove beneficial to Bitcoin.
Gary Gensler, leading the transition teams financial policy, has been more positive about cryptocurrencies in the past.
Last year, Mr Gensler said that Bitcoin's technology is a