Bitcoin Rockets towards Historic $100,000 Barrier on Optimism Over Trump Crypto Plans

Tom Nyarunda
By Tom Nyarunda Add a Comment
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Bitcoin Rockets towards Historic $100,000 Barrier on Optimism Over Trump Crypto Plans

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.

Bitcoin Rockets towards Historic $100,000 Barrier on Optimism Over Trump Crypto Plans = The Bit Journal

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.

historic $100,000 barrier
Optimism over Trump Crypto Plans a Rebuttal to Skeptics

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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optimism over trump crypto plans
Bitcoin Rockets Towards Historic $100,000 Barrier on Optimism over Trump Crypto Plans

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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Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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