Is the rise of Bitcoin not over yet? Experts predict that it will soar to $100,000 by the end of the year

This year, virtual currencies have been on a bull run. Bitcoin broke through its historical high in March and once stood at the $70,000 mark. In the past six months, it has risen by as much as 66%. It has now slightly fallen back to $68,000 (about NT$2.2 million). Galaxy Digital CEO Michael Novogratz is optimistic about this and said, "As long as the government's regulatory mechanism is improved and relaxed, I think Bitcoin is expected to soar to a high of $100,000 by the end of this year."

Novogratz analyzed that the US Securities and Exchange Commission (SEC) has approved Bitcoin and Ethereum ETFs in succession, which means that federal regulators have changed their previous attitude of prohibition. Washington may also gradually include virtual currencies in the regulations, and even allow large financial institutions to engage in measures such as selling virtual currencies, which is expected to attract more funds.

Bill Miller IV, a senior Wall Street investor, recently published an article titled "Why I Still Bet on Bitcoin", "Although Bitcoin has set new highs against various legal currencies recently, I think Bitcoin is still seriously undervalued." Miller IV's firm belief in Bitcoin comes from Bitcoin's unique technical causes, especially decentralized governance and transparent global ledgers. Miller pointed out that the traditional monetary system is affected by human judgment and political manipulation and has "inherent flaws."

The US presidential election is approaching, and Trump, the former US president and Republican candidate, who has always been a shocker, has promised that if he is elected, he will support cryptocurrency mining business in Washington and globally. On May 22, Trump's campaign team even announced on its official website that "Trump's campaign is open to Bitcoin donations." Compared with Trump, who embraces cryptocurrency, the Democratic Party has more strong opposition voices; but as Bitcoin's influence grows and the discussion continues to increase, even if the "21st Century Financial Innovation and Technology Act (FIT21)" is controversial, there is still a chance for legislation to pass.