Fueled by optimism over Trump’s crypto plans, Bitcoin rocketed towards the historic $100,000 barrier Wednesday. The asset soared 50% over the last month, fueling a staggering $30 trillion bitcoin price prediction.
The largest cryptocurrency by market cap surged over 3% to reach a record all-time high of $97,965 on Thursday in Singapore, with the entire crypto market adding at least $900 billion since Trump won the US election on November 5. According to data from Coin Metrics, the price of the pioneer cryptocurrency breached the $95,000 level on Wednesday, riding on optimism over Trump’s crypto plans.
Optimism over Trump Crypto Plans a Rebuttal to Skeptics.
Optimism over Trump’s crypto plans is at its highest level yet, following chatter that the President-elect’s team is already holding discussions with crypto industry leaders on whether and how to create a White House post to deal with digital-asset policy. Crypto industry moguls are already pitching for the position, which would have a direct line to the Trump 2.0 White House and would be the first of its kind in the history of the United States.
Rumours surrounding the said talks are the latest boost that is pushing Bitcoin towards the predicted historic $100,000 barrier, in addition to MicroStrategy’s plan to purchase more Bitcoin as well as the debut of Bitcoins ETF trading. Cryptocurrency market catalysts are now focusing their energies on when, and not if, BTC will continue to shatter more records. Crypto advocates believe the asset that is poised to become a modern-day store of value believe the march to the historic $100,000 barrier is a rebuttal to crypto skeptics who only saw the assets as a link to crime and money laundering.
Buyers are Strangling Sellers as BTC Edges Closer to the Mark
Galaxy Digital LP founder billionaire Michael Novogratz recently stated in an X post that a Bitcoin “sell wall” of over a billion was no longer an impossibility, adding that a large amount of the asset had already been bought in the last week. Commenting on the effect of the ongoing optimism over Trump’s crypto plans, IG Australia Pty Market Analyst Tony Sycamore stated that while he wasn’t sure whether the future of Bitcoin was going to be so smooth, he saw that “buyers are strangling the sellers […] “it edges closer to the mark, the demand appears to be insatiable.”
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Trump Win Rolls out a Timeline for Implementation of Pledges
The main reason there is renewed optimism over Trump’s crypto plans has to do with the President-elect’s plan to create a regulatory framework that would make America the crypto and Bitcoin capital of the world besides his government set up a strategic Bitcoin stockpile. Trump’s overwhelming win supposedly rolls out a timeline for the implementation of his pledges and the feasibility of the digital asset as a reserve. The change of mind and tack by a once-upon-a-time crypto critic to become a crypto defender during the campaigns is thought to be heavily responsible for the rocketing of Bitcoin towards the historic $100,000 barrier.
The ongoing bust of optimism over Trump’s crypto plans will most likely delete the memories of the 2022 crypto market rout that exposed fraud associated with Sam Bankman-Fried’s FTX crypto exchange. The risk practices perpetuated by the platform create turmoil within the market and a flurry of legal suits by the US Securities and Exchange Commission (SEC): the crypto industry believes that the Trump 2.0 administration will eliminate the remnants of the clampdown.
Conclusion
Bitcoin has, in the last few weeks, broken price records and is heading towards breaking the historic $100,000 barrier. There are fresh hopes within the industry that the Trump administration is what will usher in the highly anticipated golden age of crypto, where a more supportive regulatory framework will help the industry achieve its potential.
It is widely expected that optimism over Trump’s crypto plans will see BTC reach $100,000 before the end of 2024 and possibly attain another all-time high of $200,000 by the end of 2025. According to industry experts, a Trump 2.0 administration implies inflation changes that could affect the dollar’s place in international trade and possibly create a positive impact on the price of Bitcoin, which has so far gained over 127% in 2024.
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