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The momentum is on the side of Bitcoin and cryptocurrencies, and it would not be surprising if prices continue to rise until the end of the year. One of the biggest drivers of Bitcoin’s current performance is the election of Republican Donald Trump.
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Trump’s rhetoric and friendly statements on cryptocurrencies helped push up the price of the asset Past 76 thousand dollarsbeating the record set in March of this year.
Now, many market analysts remain optimistic days after the US elections. Thomas Lee, a CNBC contributor and IT director at Fundstrat Capital, made an even bolder claim, saying bitcoin could trade in six figures by the end of the year. Lee stated that the current market and political environment favors the higher coin and expects further upside for the digital asset.
Trump’s election boosts the cryptocurrency industry
This Friday, Fundstrat Capital’s CTO shared his thoughts on the Trump election and the future of BTC on CNBC’s Squawk Box. In the same discussion, Lee shared that Bitcoin and most altcoins will see price increases in the short term.
“It will be very difficult to fix the deficit just by making changes in taxes and spending,” he says. @fundstratTom Lee. Bitcoin, he says, “is potentially a reserve asset for the Treasury. If the price of bitcoin goes up, it actually helps offset the liabilities, which is the deficit. pic.twitter.com/tVrnE37dhS
– Squawk Fund (@SquawkCNBC) November 8, 2024
He told me that just before the election, global markets faced a lot of uncertainty. However, with Trump’s victory American elections And with his proposed positive policies on Bitcoin, the cryptocurrency industry can expect better days.
Lee added that changes in pro-crypto regulations and policies could boost digital assets in the short term. Trump also credits his experience as a former president, which could help him better weather future challenges. with
Trump’s support and favorable market environment, Lee reflects on Ole $150k target for BTC, Saying this is possible.
Bitcoin and digital assets could help offset US debt
One of Trump’s campaign promises is to reduce the country’s growing budget deficit, which now stands at more than $35 trillion. He explained to me that it would be difficult for Trump to cut taxes and spending to address the deficit.
Instead, Lee sees Bitcoin as the key to solving the country’s growing budget deficit. He sees potential in Bitcoin as a future treasury asset, pointing to its increasing market value over the years.
Interestingly, Trump has also explored the idea, saying that as president, he could sort out the country’s budget woes by handing out a “Bitcoin check.”
Bitcoin law is gaining momentum after the US elections
Prior to Lee’s comments, there were discussions about Bitcoin’s growing role in the country’s financial system. Senator Cynthia Lummis introduced a bill bitcoin law, To legitimize crypto assets as an economic asset.
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According to Senator Lummis, a Trump victory will strengthen pressure to make Bitcoin an asset to help combat economic uncertainty. One of the bill’s recommendations was to hold up to 1 million bitcoins over five years as a hedge against inflation.
Featured image from UpFlip, chart from TradingView
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