U.S. Republican presidential candidate Donald Trump announced his victory on the 6th. Due to his support for cryptocurrency, Bitcoin reached an all-time high, and the total cryptocurrency market value surged by over $200 billion in a single day. The total trading volume of all Bitcoin spot ETFs reached $6 billion on Wednesday, setting a new high since March.
Trump has made multiple statements supporting Bitcoin during this election, including announcing that he would make Bitcoin a strategic reserve asset, not selling the Bitcoin owned by the U.S. government, considering using Bitcoin to pay off $35 trillion in national debt, and firing the long-time anti-cryptocurrency SEC Chairman Gary Gensler, while having Tesla CEO Elon Musk, who supports cryptocurrency, lead the government efficiency committee.
How high can Bitcoin rise during Trump's administration?
All investors are watching how high Bitcoin can go with Trump's return to the White House?
Historically, during Trump's first term from November 2016 to November 2020, Bitcoin skyrocketed over 1,900%, despite Trump's critical stance on cryptocurrency at the time, even tweeting in 2019 that Bitcoin was 'extremely volatile' and its value was 'based on air.'
As Trump promises to make the U.S. a 'Bitcoin superpower' and promote the cryptocurrency industry through deregulation, his second term is sure to be more favorable to the cryptocurrency industry. Renowned analyst and TYMIO Yield founder Georgii Verbitskii predicts that Bitcoin's price will break $100,000 in the coming months.
If Bitcoin's price rises by another 1,900% during Trump's second term, its price would exceed $1.5 million, becoming an asset valued at $28.5 trillion, nearly 8 times the market value of the world's largest company, Nvidia, and reaching 1.6 times the market value of gold.
Clearly, reaching $1 million for Bitcoin is a distant goal, but over the years, this target price has been predicted by well-known analysts in both traditional finance and the cryptocurrency field. Ark Investment CEO Cathie Wood predicted earlier this year that Bitcoin would surpass $1 million before 2030, and she believes major investment banks such as Morgan Stanley, Merrill Lynch, and Bank of America are likely to enter the Bitcoin market.
Henry Arslanian, co-founder of Nine Blocks Capital Management based in Dubai, also tweeted similar predictions on the 6th, stating that Trump's victory will lead 'institutional participants to further enter' the U.S. cryptocurrency industry, including asset management firms and family offices.
What is the target price for Bitcoin after the election?
Regardless, most analysts predict that Bitcoin will rise significantly after Trump's election.
Cryptocurrency research firm 10x Research predicted at the end of last month that by January 2025, Bitcoin's price could rise to $100,000. They noted that when Bitcoin recently set a new six-month high within six months, it usually sees an average return of 40% in the following three months. Based on this estimate, by January 27, 2025, Bitcoin's price would rise by 40% from $73,000, breaking through $101,000.
Independent market analyst Mags believes that after the 2016 election, Bitcoin surged by 2,747%, and after the 2020 election, it rose by 360%. After the 2024 election, with a pro-Bitcoin U.S. president, even a 240% increase would mean Bitcoin reaching $250,000.
Standard Chartered Bank released a report yesterday analyzing that $75,000 is just the beginning. Bitcoin is expected to reach a new high of $125,000 by the end of this year and exceed $200,000 by the end of next year. Trump's various cryptocurrency commitments, including firing Gary Gensler, incorporating Bitcoin into the national strategic reserve, and making the U.S. a Bitcoin superpower, will drive this surge.
