In light of Donald Trump’s recent triumph over Vice President Kamala Harris in the US presidential election, a wave of optimism is sweeping through the cryptocurrency market. Industry analysts are now speculating that Bitcoin is poised to ascend to unprecedented levels, potentially hitting the $100,000 mark 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 in place, there are indications of a transformative shift toward a more crypto-friendly regulatory environment. CNBC reports that Bitcoin has already surged to an all-time high of $75,500, an indication of the market’s positive response to the election outcome. The anticipated Republican control of both the Senate and the White House is expected to propel support for Trump’s pro-crypto initiatives, which could lead to further price discovery for this prominent digital asset.
Trump’s Promises to Reshape the Cryptocurrency Landscape
Trump has outlined several pivotal promises that could significantly reshape the cryptocurrency landscape. One of his most notable proposals is the creation of a national Bitcoin stockpile, positioning the United States as the “crypto capital of the world.” Additionally, he has pledged to ensure that all future Bitcoin mined within the country contributes to this national reserve.
Furthermore, Trump’s commitment extends to reshaping regulatory leadership, as he has vowed to dismiss Gary Gensler, the current chair of the US Securities and Exchange Commission (SEC). Gensler’s tenure has been marked by numerous lawsuits targeting key players in the crypto space, including Binance, Coinbase, and Ripple Labs, resulting in substantial legal expenses for these companies.
Trump’s proposed crypto policy aims to stimulate growth and adoption within the United States, with Bitcoin as a central element in his strategy to address the national debt, which currently stands at an alarming $36 trillion. These plans have garnered support from pro-crypto Senator Cynthia Lummis, who has introduced legislation to designate Bitcoin as a national reserve asset. Her initiative was highlighted during her address at the 2024 National Bitcoin Conference in Nashville, where Trump also made a notable appearance, further reinforcing his commitment to the sector.
Bitcoin On Track For $100,000
Given these developments, CNBC notes that “multiple analysts” are forecasting Bitcoin could achieve the $100,000 milestone before Trump’s inauguration, especially if he follows through with his promise to establish 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, US-based firms such as Coinbase and Robinhood have experienced 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.
Research Insights on Bitcoin’s Future
Research from Cooper Research supports these optimistic projections, particularly concerning 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.
As of now, BTC is trading at $74,750, having retraced slightly from its current record high of $75,500 set during Wednesday’s trading session. The daily chart reflects the price volatility experienced over the past 24 hours.
