Bitcoin has continued to rise after Trump's victory in the U.S. presidential election.
On November 9, Bitcoin briefly surpassed $77,000, reaching a new all-time high. As of the time of writing, Bitcoin's gains have narrowed, trading at $76,429.2 per coin. Over the last five calendar days, Bitcoin has risen approximately 13%; over the past two months, it has increased by about 40%, and year-to-date, Bitcoin has surged nearly 80%.
Meanwhile, Ethereum is also approaching $3,000.
According to Nate Geraci, president of The ETF Store, the asset size of BlackRock's Bitcoin exchange-traded fund iShares Bitcoin ETF (IBIT) has surpassed that of its gold exchange-traded fund iShares Gold ETF (IAU). Currently, IBIT's total assets have reached $34.3 billion, while IAU continues to hover around $33 billion.
According to reports, iShares Gold TF (IAU) is the gold exchange-traded fund launched by BlackRock in January 2005, while BlackRock's Bitcoin ETF was only launched this January. In just nine months, this alternative asset ETF has attracted $27 billion in inflows.
The historic breakthrough of the Bitcoin ETF is also related to the surge in cryptocurrencies following Trump's victory. Since the elections began on Tuesday, Bitcoin's price has surged from $67,000 to a historic high of $77,000.
Trump has repeatedly stated during his campaign that the innovative spirit and autonomy of Bitcoin and cryptocurrencies align with the core values of America. He emphasized that if the U.S. does not embrace cryptocurrencies first, other countries will dominate this field. Therefore, he plans to support cryptocurrencies through policy to position the U.S. as a leader in Bitcoin and blockchain technology globally.
Recently, several institutions and analysts have expressed optimism about Bitcoin. Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, recently stated that after Trump's victory, Bitcoin's price will reach $125,000 by the end of this year and $200,000 by the end of 2025. This prediction echoes estimates made by Bernstein analysts earlier this month. Standard Chartered also made similar predictions in October.
Kendrick believes that many of Trump's commitments to support cryptocurrencies, such as establishing a national strategic Bitcoin reserve and reshaping the U.S. into a "Bitcoin superpower," will drive Bitcoin's rise.
Kendrick noted that from Bitcoin options trading, Standard Chartered Bank found that many investors are interested in prices around $80,000, indicating that this cryptocurrency will reach this level "within the next week or two."
Regarding regulation, Kendrick indicated that he expects Trump to overturn Biden's veto of SAB121, a controversial accounting guideline from the U.S. Securities and Exchange Commission (SEC) that critics claim has hindered investment banks from providing large-scale cryptocurrency custody services. Kendrick believes that Trump will achieve this goal soon after taking office on January 20, and that this move will encourage more institutions to adopt cryptocurrencies.
Nick Philpott, co-founder of digital asset broker Zodia Markets, stated: "Our target range for Bitcoin in the event of Trump's victory is between $75,000 and $80,000, while we expect ETF funds and broad cryptocurrency inflows to push Bitcoin to $100,000 in early Q1 next year, and possibly even sooner. In terms of options, there are a significant number of call options with strike prices between $80,000 and $100,000, which should further increase momentum."
The Chief Investment Officer of Bitwise stated: "We are entering the golden age of cryptocurrencies, and we will see a strong bull market in the coming years."
Coinbase CEO Brian Armstrong stated after the U.S. elections on November 5: "Cryptocurrency will persist from a policy perspective."
It is worth mentioning that blockchain data company Arkham announced on platform X that the crypto derivatives exchange ARKHAM PERPETUALS EXCHANGE has opened registration, with trading set to start in one week. Arkham stated that registration eligibility varies by jurisdiction. Users residing in certain jurisdictions (including the U.S.) will be excluded from access.
Additionally, news that the first Bitcoin exchange-traded fund (ETF) in the U.S. may soon receive approval has also sparked excitement in the market.
