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Buoyed by President-elect Trump's victory and the stock market's bullish momentum, bitcoin surpassed $80,000 on Sunday. — a new all-time high.
Investors hope the cryptocurrency hits six figures sooner rather than later.
VanEck CEO Jan van Eck, in a television appearance, predicted that bitcoin (btc) could be valued as half of all gold in circulation.
“I think bitcoin will hit all-time highs today and I think it will go further. Ultimately, I think the value of bitcoin will be half of all the gold in circulation, so we are talking about around $300,000 for bitcoin.”
Why only half?
Because it's a “reasonable baseline assumption,” Van Eck added. Van Eck made the comment as bitcoin surpassed $77,700 just days after the US presidential election. See below.
bitcoin bull run
Investors have piled into ETFs, propelling bitcoin and ethereum (eth) into bullish momentum.
Then there was the role of cryptocurrencies in the 2024 US presidential election, which went from cameo to scene-stealer. In the months leading up to election day, the media reported a confrontation survey after another. But polymer market — a crypto betting site — turned out to be the most accurate indicator of which candidate voters preferred.
For what it's worth, Vice President Kamala Harris pledged to embrace digital assets as an emerging technology. Ultimately, it was Donald Trump's complacency that ultimately won over the majority of this particular segment of the electorate. — a group that had made their frustrations known toward the Biden administration and the SEC.
Let's remember his previous administration. Triumph x.com/realDonaldTrump/status/1149472282584072192?lang=en” target=”_blank”>unauthorized bitcoin at that time. But after losing the 2020 election and having to pay legal fees, money was needed for a re-election campaign. The then-Republican candidate saw an opportunity: capitalize on the crypto hype.
Trump sold non-fungible tokens (nft); bitcoin-themed sneakers; made a guest appearance at a bitcoin conference; and promised to make the US a crypto mining capital (the US already does most bitcoin-mining-by-country” target=”_blank” rel=”nofollow”>mining).
He and his older children even launched their own currency, World Liberty Fi.
In the weeks leading up to November 5, crypto analysts predicted that a Trump victory would spark cryptocurrency-friendly policies and cause the price of bitcoin to skyrocket to $80,000 or $100,000. — maybe $250,000.
As this week begins, with clarity on who will be sworn into the White House in January, it appears that bitcoin is indeed on that trajectory.
