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Heya! Eric here.
Get ready for the big Bitcoin pump of 2024.
Bitcoin has already broken its own record twice since Donald Trump recaptured the White House in a historic election.
Market watchers say the price could climb as high as $125,000 before the end of the year.
More cautious folk say the rally will be capped at $80,000.
Their bullishness stems from Trump’s many pro-industry campaign promises.
He’s pledged to fire Securities and Exchange Commission Chair Gary Gensler, push through a stablecoin framework, free Silk Road operator Ross Ulbricht from prison, instil the right to self-custody, and to create a national strategic Bitcoin reserve.
The industry is hopeful that Trump will deliver on at least some of those promises.
The election certainly provided the firepower for him to do so.
Not only did he secure the White House, the electorate backed him up with Republican majorities in both the Senate and the House.
In the Senate, Trump will enjoy the backing of pro-crypto firebrands like Bernie Moreno, who defeated incumbent Ohio Senator Sherrod Brown.
Crypto industry super PAC Fairshake spent over $40 million to back Moreno’s campaign.
The industry also backed other successful pro-crypto candidates, like incoming Republican Senator Jim Justice of West Virginia.
The stage is set.
Let’s see how it plays out.
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Post of the week
Cameron Winklevoss, co-founder of the crypto exchange Gemini, captured the zeitgeist of the crypto industry after Trump’s win.
Time to build baby build! 🇺🇸
— Cameron Winklevoss (@cameron) November 6, 2024
