Src: AP News
Hi. The price of Bitcoin has surged significantly following Donald Trump's victory in the US presidential election. Many analysts are forecasting the price of Bitcoin could reach $100,000 before Trump's inauguration on January 20, 2025.
Recently, Bitcoin hit its all-time high of $76,000 after a win by Trump reflecting strong market optimism about a pro-crypto administration. As of now, Bitcoin is priced at around $74,821 showing a small decline from its peak but still maintaining a strong position in the market.
Some analysts have suggested that the upward trajectory of Bitcoin is supported by historical trends of ETF accumulation which could result in holdings of approx 1.1 million Bitcoins by the time of Trump's inauguration. Price increases are anticipated as a result of this institutional interest, which is viewed as a hedge against economic instability.
Unprecedented trading volumes were seen on the night of the election which shows heightened investor engagement and confidence in Bitcoin as a viable asset under the Trump administration.
Trump has promised in his campaign about the support for the crypto industry such as advocating for a national Bitcoin reserve and potential regulatory reforms aimed at easing restrictions on digital assets.
Trump's previous term saw substantial gains for Bitcoin and for many things, his return could promote an even more favorable environment for crypto.
According to the forecasts of several analysts, Bitcoin may reach $100,000 if Trump fulfills his promises and the Senate, which is controlled by Republicans, backs legislation that would encourage cryptocurrency.
This is not financial advice.
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