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the next Donald Trump wins In the US presidential election against Vice President Kamala Harris, optimism is growing in the cryptocurrency market. Analysts now expect Bitcoin to reach new highs of $100,000 ahead of the presidential inauguration, which is just over two months away.
Trump’s election signals are shifting toward pro-crypto policies
As the Trump administration takes hold, CNBC reports that bitcoin has already reached an all-time high of $75,500, signaling a potential shift toward a more favorable regulatory environment for cryptocurrencies starting in 2025.
The combination of Republican control of both the Senate and the White House is expected to boost support for Trump pro-crypto initiatives, leading to greater price discovery of the largest digital assets on the market.
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Trump has made several major promises that could significantly impact the cryptocurrency landscape. One of the most notable of these initiatives is the creation of a national stockpile of Bitcoin, making the United States the “cryptocurrency capital of the world.” He has also committed to ensuring that all future bitcoins Mined In the country contributes to this national reserve.
Furthermore, Trump has vowed to fire Gary Gensler, the current chairman of the US Securities and Exchange Commission, who has faced criticism for his aggressive regulatory approach under the Biden administration.
Gensler’s tenure has seen several lawsuits targeting major players in the cryptocurrency space, including Binance, Coinbase, and Ripple Labs, resulting in nearly half a billion dollars in investments. Legal fees for those companies.
Trump’s proposed cryptocurrency policy is designed to stimulate growth and adoption within the United States, with Bitcoin positioned as a key component of his strategy to address the national debt, which currently stands at $36 trillion.
His administration’s plans were echoed by Cynthia Lummis, a pro-crypto senator, who has introduced legislation to designate Bitcoin as a national reserve asset. The initiative was discussed during her remarks at the 2024 National Bitcoin Conference in Nashville, where Trump also made a notable appearance, reinforcing his commitment to the sector.
Bitcoin is on its way to hitting $100,000
Given these developments, CNBC notes that “many analysts” are doing just that Prediction It is possible that Bitcoin will reach the level of $100,000 before Trump’s inauguration, especially if he fulfills his promise to create a national stockpile of Bitcoin.
The US government already owns over $15 billion worth of Bitcoin through asset seizures over the years, providing a solid foundation for this initiative.
In addition to Bitcoin’s rise, shares of US-based companies such as Coinbase and Robinhood have seen significant gains in recent days. Coinbase (COIN) shares rose 25.73%, while Robinhood (HOOD) jumped nearly 18%, reflecting the industry’s renewed confidence in a more positive environment. Regulatory environment Under Trump.
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Research conducted by Cooper Research aligns with these optimistic expectations, particularly regarding the Bitcoin exchange-traded fund (ETF) market. The company previously estimated that the ETFs could manage approximately 1 million bitcoins by the time of the election, and currently hold about 986,000 bitcoins.
Analyze them suggests If trends continue, Bitcoin could actually reach $100,000 by January 20, when Trump is scheduled to be inaugurated, especially if ETFs increase their holdings to around 1.1 million Bitcoin.
At the time of writing, BTC is trading at $74,750, having pulled back from the current record high of $75,500 set during Wednesday’s trading session.
Featured image of DALL-E, chart from TradingView.com
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