On Monday (November 9), Bitcoin seems in good shape as the post-election rally that started last Friday continues to benefit both equities and Bitcoin. Furthermore, pharmaceutical giant Pfizer announced some great news about its COVID-19 vaccine.
Let’s start with the relief rally that started late last week as projections from various news organizations made it increasingly clear that Joe Biden had beaten Donald Trump in the U.S. presidential race to become president elect (although it should be noted so far President Trump has not conceded defeat and seems ready to pursue all available legal options to ensure that he wins a second term).
The reason for this rally was not because Biden is supposed to be better for stocks or Bitcoin than Trump, but because at last we were getting some clarity (and as we all know, markets generally hate uncertainty) and it seemed like the Republicans would remain in control of the Senate, which would make it very difficult for Biden to introduce any heavy regulations or increase corporation tax.
Earlier today, Dow futures were up around 400 points and Bitcoin was trading around $15,459.
The spike you see around 11:50 UTC in the above 24-hour BTC-USD price chart from CryptoCompare is when more good news arrived.
What happened is that American multinational pharmaceutical corporation Pfizer Inc. announced some highly encouraging news about the COVID-19 vaccine it has developed in collaboration with German biotechnology company BioNTech SE. In its press release, Pfizer said their mRNA-based COVID-19 vaccine candidate, “BNT162b2”, was found to be “more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.”
Dr. Albert Bourla, Pfizer Chairman and CEO, had this to say:
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.
“With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We look forward to sharing additional efficacy and safety data generated from thousands of participants in the coming weeks.”
Pfizer’s press release went on to say:
“… protection is achieved 28 days after the initiation of the vaccination, which consists of a 2-dose schedule. As the study continues, the final vaccine efficacy percentage may vary. The DMC has not reported any serious safety concerns and recommends that the study continue to collect additional safety and efficacy data as planned. The data will be discussed with regulatory authorities worldwide.”
We also heard today from Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (BI), Bloomberg’s research arm on the Bloomberg Terminal, who has in recent weeks explained on numerous occasions why he expects the Bitcoin price to reach $100K by 2025.
McGlone now says that he expects the average price for Bitcoin during next year to be around $20,000:
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.