After Donald Trump won the presidential election in the United States, optimism reigned in the cryptocurrency market. Analysts predict that the price of Bitcoin could reach new heights of $100,000 even before the president's inauguration, which is less than two months away.
Trump's campaign statements clearly demonstrate his support for cryptocurrencies. According to CNBC, after Trump's administration took its positions, Bitcoin had already reached a record high of $75,500. This may indicate a potential regulatory environment shift towards greater favorability for cryptocurrencies starting in 2025.
Republicans' control of both the Senate and the White House is expected to support Trump's cryptocurrency initiatives, leading to further price increases for the largest digital asset on the market.
Trump has made several key promises that could significantly impact the cryptocurrency landscape. One of the most notable is the creation of a national reserve of Bitcoins, positioning the U.S. as the 'cryptocurrency capital of the world.' He has also committed to ensuring that all future Bitcoins mined in the country are added to this national reserve.
Additionally, Trump promised to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), who has faced criticism for his aggressive regulatory approach during the Biden administration. During Gensler's tenure, numerous lawsuits have been filed against major players in the cryptocurrency space, including Binance, Coinbase, and Ripple Labs, resulting in nearly half a billion dollars in legal costs for these companies.
The cryptocurrency policy proposed by Trump aims to stimulate growth and adoption in the United States. Bitcoin is seen as a key element of his strategy to address the national debt, which currently stands at $36 trillion.
Plans from his administration received support from Senator and cryptocurrency advocate Cynthia Lummis, who introduced legislation defining Bitcoin as a national reserve asset. This initiative was discussed during her speech at the 2024 National Bitcoin Conference in Nashville, where Trump also spoke, further solidifying his commitment to the sector.
Given these events, CNBC notes that 'many analysts' predict Bitcoin could reach $100,000 before Trump's inauguration, especially if he fulfills his promise to create a national reserve of Bitcoins. The U.S. government already owns Bitcoins worth more than $15 billion, providing a solid foundation for this initiative.
In addition to the Bitcoin rally, shares of American companies such as Coinbase and Robinhood have significantly risen in recent days. Coinbase (COIN) shares increased by 25.73%, while Robinhood (HOOD) shares surged nearly 18%, reflecting a revival of industry confidence in a more favorable regulatory environment under Trump.
A study by Cooper Research aligns with these optimistic forecasts, particularly regarding the Bitcoin ETF market. Previously, the firm estimated that ETFs could manage nearly 1 million Bitcoins by the time of the elections, and currently hold about 986,000 BTC.
Their analysis shows that if trends continue, Bitcoin could indeed reach $100,000 by January 20, when Trump's inauguration takes place, especially if ETFs increase their assets to around 1.1 million BTC.
At 15:35 MSK on Friday, Bitcoin is trading at $76,176, breaking the previous record level of $75,500 set during Wednesday's trading session.
