CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details
November 07 2024 - 5:00AM
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Following Donald Trump’s victory in the US presidential election
against Vice President Kamala Harris, optimism is surging in the
cryptocurrency market. Analysts are now projecting that Bitcoin
could reach new heights of $100,000 before the presidential
inauguration, which is just over two months away. Trump’s Election
Signals Shift Toward Pro-Crypto Policies With Trump’s
administration firmly established, CNBC reports that Bitcoin has
already reached an all-time high of $75,500, signaling a potential
shift towards a more crypto-friendly regulatory environment
starting in 2025. The combination of Republican control of
both the Senate and the White House is expected to bolster support
for Trump’s pro-crypto initiatives, leading to further price
discovery for the market’s biggest digital asset. Related Reading:
Uniswap Surges Toward $8.74 – Can UNI Push Through To New Heights?
Trump has made several key promises that could significantly impact
the cryptocurrency landscape. One of the most notable is the
establishment of a national Bitcoin stockpile, positioning the US
as the “crypto capital of the world.” He has also committed to
ensuring that all future Bitcoin mined in the country contributes
to this national reserve. Moreover, Trump has vowed to fire Gary
Gensler, the current chair of the US Securities and Exchange
Commission (SEC), who has faced criticism for his aggressive
regulatory approach under the Biden administration. Gensler’s
tenure has seen numerous lawsuits targeting major players in the
crypto space, including Binance, Coinbase, and Ripple Labs,
resulting in nearly half a billion dollars in legal fees for those
companies. Trump’s proposed crypto policy is designed to stimulate
growth and adoption within the United States, with Bitcoin
positioned as a central element in his strategy to tackle the
national debt, which currently stands at $36 trillion. His
administration’s plans have been echoed by pro-crypto Senator
Cynthia Lummis, who introduced legislation to designate Bitcoin as
a national reserve asset. This initiative was discussed during her
remarks at the 2024 National Bitcoin Conference in Nashville, where
Trump also made a notable appearance, further solidifying his
commitment to the sector. Bitcoin On Track For $100,000 Given
these developments, CNBC notes that “multiple analysts” are
forecasting Bitcoin could reach the $100,000 mark before Trump’s
inauguration, especially if he follows through with his promise to
create a national Bitcoin stockpile. The US government
already possesses over $15 billion in Bitcoin from asset seizures
over the years, providing a solid foundation for this initiative.
In addition to Bitcoin’s rally, stocks of US-based firms such as
Coinbase and Robinhood have seen significant gains in recent days.
Coinbase (COIN) shares surged by 25.73%, while Robinhood (HOOD)
jumped nearly 18%, reflecting the industry’s renewed confidence in
a more favorable regulatory environment under Trump. Related
Reading: Dogecoin (DOGE) Jumps 10%+: Is More Upside Ahead? Research
from Cooper Research aligns with these optimistic projections,
particularly regarding the Bitcoin exchange-traded fund (ETF)
market. The firm previously estimated that ETFs could manage nearly
1 million Bitcoins by the time of the election, and currently hold
approximately 986,000 BTC. Their analysis suggests that if
trends continue, Bitcoin could indeed reach $100,000 by January 20,
when Trump is set to be inaugurated, especially if ETFs increase
their holdings to around 1.1 million BTC. At the time of writing,
BTC is trading at $74,750, having retreated from its current record
high of $75,500 set during Wednesday’s trading session.
Featured image from DALL-E, chart from TradingView.com
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