CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details

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As a seasoned researcher with over two decades of experience in financial markets, I have witnessed numerous paradigm shifts and market fluctuations. However, the current surge in optimism within the cryptocurrency market following Donald Trump’s election victory against Vice President Kamala Harris is unlike anything I’ve seen before.

After Donald Trump’s success as U.S. President against Vice President Kamala Harris in the election, there’s been a wave of optimism sweeping through the cryptocurrency sector. Experts are now predicting that Bitcoin may soar to unprecedented levels of $100,000 before the inauguration ceremony, which is approximately two months from now.

Trump’s Election Signals Shift Toward Pro-Crypto Policies

Under the leadership of Trump’s administration, CNBC indicates that Bitcoin has surpassed its previous record at around $75,500, suggesting a possible move toward a more accommodating regulatory stance for cryptocurrencies, potentially beginning in 2025.

Having Republicans in control of both the Senate and the presidency may strengthen the backing for Donald Trump’s cryptocurrency-friendly policies, potentially resulting in more exploration and valuation for the market’s most significant digital currency.

As a researcher examining the potential implications of political announcements on the cryptocurrency sector, I find one particularly striking: Donald Trump’s proposed initiatives could reshape the global landscape of digital currencies. One of his key pledges is the creation of a national Bitcoin hoard, positioning the United States as a dominant force in the “crypto world.” This strategy would see the US leveraging newly mined Bitcoins to augment this national reserve.

As an analyst, I can confirm that there are rumblings about potential changes within the U.S. Securities and Exchange Commission (SEC). Trump has publicly expressed his intention to dismiss Gary Gensler, the current SEC chair, who has been a subject of criticism due to his assertive regulatory stance under the Biden administration.

During Gensler’s tenure, many lawsuits have been filed against significant figures in the cryptocurrency industry, such as Binance, Coinbase, and Ripple Labs. These legal actions have amounted to approximately $400 million in legal expenses for these companies.

Trump’s proposed cryptocurrency plan aims to foster expansion and usage within the U.S., with Bitcoin playing a key role in his plans to address the country’s existing $36 trillion national debt.

The proposals of his administration have found support from Senator Cynthia Lummis, an advocate for cryptocurrency, who put forward a bill to classify Bitcoin as a national reserve asset. This proposal was discussed at the 2024 National Bitcoin Conference in Nashville, where Trump also made an appearance, reinforcing his dedication to this field.

Bitcoin On Track For $100,000 

Based on recent trends, several financial experts predict that Bitcoin may surpass $100,000 prior to President Trump’s inauguration, should he indeed carry out his pledge to accumulate a national Bitcoin reserve.

As a researcher delving into the subject, I’ve uncovered an intriguing fact: Over the years, the U.S. government has amassed over $15 billion worth of Bitcoin through seized assets. This substantial digital hoard serves as a robust starting point for any future initiatives related to this domain.

Over the past few days, I’ve noticed impressive growth not just in Bitcoin, but also in the stocks of American companies like Coinbase and Robinhood. For instance, Coinbase’s shares (COIN) skyrocketed by an astounding 25.73%, while Robinhood’s (HOOD) almost leaped 18%. This bullish trend seems to mirror a growing optimism within the industry about a more favorable regulatory climate under Trump, which could potentially pave the way for further growth in the crypto sector.

According to Cooper Research, their predictions about the growth of the Bitcoin ETF market are quite optimistic. Previously, they predicted that ETFs would control close to a million Bitcoins by the time of the election, and as of now, they hold around 986,000 Bitcoins, which is nearly meeting their projection.

According to their findings, it’s possible that the value of Bitcoin might surge to $100,000 by January 20, which coincides with Donald Trump’s inauguration, given a continued trend and an increase in ETF ownership to approximately 1.1 million Bitcoins.

Currently, as I’m typing this, Bitcoin (BTC) is being exchanged for around $74,750. It has slightly dipped from its all-time high of $75,500 reached in the previous trading day on Wednesday.

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2024-11-07 20:13