Bitcoin May Reach $100,000 Before Trump's Inauguration, Experts Say
Date: 2024-11-07 Author: Henry Casey Categories: CRYPTO PAYMENTS
Amid the news of Donald Trump's victory in the election, the price of Bitcoin has surpassed the $76,000 mark, reaching a historical record, The Crypto Times reports. CNBC experts predict that before Trump's official inauguration, the value of the main cryptocurrency may soar to $100,000, as market participants expect favorable changes in the policy of the new administration, which supports crypto assets.
Immediately after the news of Trump's victory, Bitcoin rose to $75,000, and then, with Kamala Harris' admission of defeat, it surpassed the $76,000 mark, setting a peak at $76,179. On Thursday morning, the rate fell slightly and by 08:30 Moscow time was just below $75,000.
Analysts see this growth as a reaction to the likelihood of a more lenient approach to cryptocurrencies from the new administration. Investors hope that Trump will continue the course of supporting digital assets and, possibly, introduce crypto-oriented initiatives.
Expectations were strengthened after Trump hinted at the creation of a national Bitcoin reserve, which generated significant interest in the market. An additional incentive was provided by the plans of Senator Cynthia Lummis, a long-time supporter of the cryptocurrency, who proposed that the government purchase 200,000 bitcoins over five years to replenish the reserve.
In addition, the prospect of the Fed cutting the rate by 25 basis points is seen as another factor that can stimulate the growth of Bitcoin. Against the backdrop of this policy, the cryptocurrency may have additional drivers for growth.
Some analysts believe that given Trump's campaign promises and possible regulatory changes, Bitcoin could actually reach $100,000 by January 20, Inauguration Day.
