The sudden rise in the price is in my opinion temporary.
Change is always persistent in crypto market and like the saying nothing last forever but the time to do is making something meaningful out of every trend the market presented.
I don’t think with Biden would do any good to the crypto market but he would actually try to apply new financial sanctions to control the growth of bitcoins so that people wouldn’t avoid taxes.
You maybe right but the institution we be aware of President Biden stance on Bitcoin before us and if the institutions switch to Bitcoin it a possibility that Biden administration will be friendly with crypto. However, his Treasury Secretary (Janet Yellen) stance is what I believe it a big issue cause she make a statement that Bitcoin is used "mainly for illicit financing."
We cannot expect any government to actually be in favour of cryptocurrency as it is difficult to track it and it is almost anonymous.
We have see some government who did something in favor of crypto but not all cryptocurrency that are anonymous and that include Bitcoin.