During Trump's first term as President of the United States (November 2016 to November 2020), Bitcoin soared by over 1,900%. Although he was critical of cryptocurrency at the time, he still achieved this feat, famously calling Bitcoin 'highly volatile' in a 2019 post and claiming its value was 'unfounded.'
Source: TradingView - Bitcoin/USD daily price chart
However, given that Trump has promised to make the U.S. a 'Bitcoin superpower' and implement deregulation to promote the development of the cryptocurrency industry, Trump's second term seems to be more favorable for the cryptocurrency industry.
Trump announced his victory on November 6, which has already helped push Bitcoin to a new high of around $76,400. Top analysts, including TYMIO Yield founder Georgii Verbitskii, predict that the price of Bitcoin will break $100,000 in the coming months.
Will the price of Bitcoin break $1 million by 2028?
If the price of Bitcoin rises by 1,900% from now, the value of each Bitcoin would exceed $1.5 million.
This would make Bitcoin a $28.5 trillion asset class, nearly 8 times the market value of the largest company in the world, Nvidia, and 1.6 times the market value of gold.
Source: TradingView - Bitcoin/USD weekly price chart
Clearly, $1 million per Bitcoin is an ambitious target, but for many years, renowned analysts in traditional finance and the cryptocurrency industry have been predicting this price.
ARK Invest CEO Cathie Wood previously predicted that by 2030, the price of Bitcoin would break $1 million and pointed out that major investment banks such as Morgan Stanley, Merryl Lynch, and Bank of America might enter the Bitcoin industry.
Henry Arslanian, co-founder of Nine Blocks Capital Management based in Dubai, reiterated a similar view in a November 6 post on X, noting that Trump's victory would lead to 'institutional participants further entering' the U.S. cryptocurrency industry, from asset management companies to family offices.
Source: Henri Arslanian
The post-election Bitcoin price target ranges from $100,000 to $250,000.
Most analysts predict that the Bitcoin market will surge significantly after Trump's victory.
According to cryptocurrency research firm 10x Research, by January 2025, the price of Bitcoin could rise to $100,000, noting that 'when Bitcoin reaches a new six-month high like it recently did within 6 months, [it] typically achieves a median return of 40% in the following 3 months.'
Meanwhile, independent market analyst Mags stated that Bitcoin will approach $250,000 within the next 12 months, citing that the price of Bitcoin surged significantly after the U.S. election.
Source: Mags - Bitcoin/USD price performance after the U.S. election
He argued:
"After the 2016 election, the price of Bitcoin increased by 2747%. After the 2020 election, the price of Bitcoin increased by 360%. In 2024, the president supports Bitcoin. Even a 240% increase means $250,000 per Bitcoin."
[Disclaimer] The market has risks; investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions herein are suitable for their specific circumstances. Investment based on this is at one's own risk.
This article is republished with permission from: (PANews)
Original author: Yashu Gola, Cointelegraph
