Quick take:
Trump’s huge win last week has significantly contributed to the latest rally.
The crypto community expects Trump to create a more conducive environment for the industry in the U.S.
The U.S. President-Elect has already started appointing crypto-centric individuals to key positions in his administration.
The Bitcoin price spiked to hit a new all-time high on Wednesday, after rallying more than 32% in the days following Trump’s election. That rally has sparked speculation in the crypto community that Bitcoin could hit $100,000 by the end of the year.
However, it’s worth pointing out that the positive market sentiment started a while back in anticipation that a Trump-led administration was going to create a conducive environment for crypto to thrive in the U.S. Bitcoin gained about 26% between September 6th and November 3rd, in the lead up to the U.S. elections.
Overall, Bitcoin is up more than 70% since the start of September, when it fell below $54,000. A similar rally came in earlier in the year when it gained 83% between Jan. 23rd and March 14th, following the Securities and Exchange Commission’s (SEC) approval of Spot Bitcoin ETFs.
That has been one of the few good actions to be taken by the SEC concerning cryptocurrencies, as the U.S. securities regulator led by Gary Gensler continued to wedge war in the industry citing various breaches of securities laws.
It is something that the crypto community hopes Trump will change, and one that could impact the Bitcoin price in the coming weeks and months.
But some believe it won’t even take that long for Bitcoin to hit the $100,000 milestone. So we asked industry experts what they think the chances are for the BTC/USD to reach the magical six-figure valuation by the time Trump is sworn in in January.
Michael Dunn, President of Bitnomial Exchange who believes Bitcoin will surpass the value of traditional assets such as silver, gold, publicly traded companies, and eventually real estate said it is inevitable that Bitcoin will hit $100,000.
“We believe Bitcoin and other digital assets are to become the most liquid and traded commodities in history. The boom in Bitcoin price has been building ever since the halving with the combination of high inflation rates, interest rate decisions, [increased] access via spot ETFs, and expected regulatory clarity post the US election were all catalysts in creating the explosive price action that we’ve seen.”
Brian Dixon, CEO of Off the Chain Capital expects other countries to increase their Bitcoin holdings in anticipation that Trump will make Bitcoin a reserver currency.
“I believe Bitcoin will surpass $100K before Trump is sworn in because I believe nation-states may be acquiring the asset behind the scenes which could drive price. Nation-state adoption is the next phase of BTC adoption that will create a market dynamic that I don’t think people will understand how quickly things may change.”
However, not everyone thinks that Bitcoin will simply sail to $100,000 without hitting a few bumps on the way.
Alan Orwick, Co-Founder of Quai Network says “Predicting Bitcoin’s price trajectory is challenging because it operates at the intersection of technology, finance, and geopolitical factors.”
“While reaching $100k is within the realm of possibility, we’d need to see sustained institutional demand, favourable regulatory conditions, and perhaps some economic volatility that might push traditional investors toward Bitcoin as a store of value.”
According to Orwick, Bitcoin’s historical resilience makes it a good store of value, but warns its future hinges on more than just market cycles — “it depends on how it weathers economic and regulatory landscapes in the coming months.”
Orwick believes that the Bitcoin price could be affected by how the U.S. approaches crypto regulation. “While strategic Bitcoin reserves and pro-crypto zones could provide long-term economic benefits, the current policy environment remains fragmented and contentious, which dampens both domestic and institutional adoption,” he said.
Matt Bell, CEO of Turbofish who expects growing interest in Bitcoin from retail investors to continue boosting the BTC/USD price believes “the rally we are seeing is largely connected to the outcome of the US election pointing to a friendly regulatory environment for the crypto industry throughout the upcoming presidential term.”
“A $100k price target is possible before the end of the year, but only if new information comes out indicating that the upcoming US administration and Congress will be endorsing or supporting crypto and Bitcoin in a stronger way than they already have. “
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The post Will Bitcoin Hit $100,000 Before Trump Is Sworn In? Experts Weigh In appeared first on NFTgators .
