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Following Donald Trump's victory In the US presidential election against Vice President Kamala Harris, optimism is rising in the cryptocurrency market. Analysts now project that bitcoin could hit new highs of $100,000 ahead of the presidential inauguration, which is just over two months away.
Trump's electoral signals shift towards pro-crypto policies
With the Trump administration firmly established, CNBC reports that bitcoin has already reached an all-time high of $75,500, signaling a potential shift toward a more cryptocurrency-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 proposal. pro-crypto initiatives, leading to greater price discovery for the largest digital asset on the market.
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Trump has made several key promises that could significantly affect the cryptocurrency landscape. One of the most notable is the establishment of a national bitcoin reserve, positioning the United States as the “crypto capital of the world.” It has also committed to ensuring that all future bitcoin mined in the country contributes to this national reserve.
Additionally, Trump has promised to fire Gary Gensler, current chairman of the U.S. 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 $500 million in legal fees for those companies.
Trump's proposed crypto policy is designed to spur growth and adoption within the United States, with bitcoin positioned as a central element in his strategy to address the national debt, which currently stands at $36 trillion.
His administration's plans have been echoed by pro-cryptocurrency Senator Cynthia Lummis, who introduced legislation to designate bitcoin as a national reserve asset. This initiative was discussed during his 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 to hit $100,000
Given these events, CNBC points out that “multiple analysts” are forecast bitcoin could reach the $100,000 mark before Trump's inauguration, especially if he follows through on his promise to create a national bitcoin reserve.
The US government already holds over $15 billion worth of bitcoin from asset seizures over the years, providing a solid foundation for this initiative.
In addition to bitcoin's rally, shares of US-based companies like Coinbase and Robinhood have seen significant gains in recent days. Coinbase (COIN) shares rose 25.73%, while Robinhood (HOOD) jumped nearly 18%, reflecting renewed industry confidence in a more favorable environment. regulatory environment under Trump.
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Cooper Research's research aligns with these optimistic projections, particularly as it relates to the bitcoin exchange-traded fund (ETF) market. The company previously estimated that ETFs could manage nearly 1 million Bitcoins at the time of the election and currently hold approximately 986,000 btc.
Your analysis suggests that if trends continue, bitcoin could reach $100,000 by January 20, when Trump is 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 of DALL-E, chart from TradingView.com
