2024-11-22 10:49:44
This is the level Bitcoin would have to reach under Trump to match Biden and his prior term
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Bitcoin ( BTC-USD ) is within a whisker of touching the $100,000 threshold, in a development that has shocked Wall Street's old guard, but has not surprised the most dedicated HODLers. It's an investing moment to appreciate, no matter what side one takes in the crypto debate, and will surely be one of the topics discussed around tables this Thanksgiving. In overnight trading, BTC-USD advanced another 4% to reach a high of $99,512. Crypto catalysts: It's not only Bitcoin ( BTC-USD ). The crypto market as a whole has grown from about $2.5T to a $3.5T capitalization since Donald Trump's election win on Nov. 5. Trump has committed to fostering a favorable crypto environment and vowed to eliminate "tough" laws that stifle the industry, while promising to fight CBDCs and create a Bitcoin Strategic Reserve. In yet another win for crypto bulls, SEC Chairman Gary Gensler just announced his coming resignation , building on the ouster of Ohio Senator Sherrod Brown, who was no friend of the sector as Chair of the Senate Banking Committee. That's not all. Crypto backer and Cantor Fitzgerald CEO Howard Lutnick has been nominated as Commerce Secretary, while reports suggest that Trump Media ( DJT ) is in talks to buy crypto trading platform Bakkt ( BKKT ). There has also been heavy buying from major Bitcoin holder MicroStrategy ( MSTR ), as well as the debut of options on Bitcoin exchange-traded funds like the iShares Bitcoin Trust ETF ( NASDAQ: IBIT ). It has all helped more institutional and retail investors come aboard the crypto ship, pushing up prices via direct buying and a broader range of ETFs. Crypto First: How much does politics play into crypto markets? Whether and how movement is correlated is always open to debate, with many investors (and voters) touting market performance under different administrations. Some may be surprised that Bitcoin ( BTC-USD ) is up a whopping 395% from the time Biden got elected in 2020 until the vote in 2024, which would mean Bitcoin ( BTC-USD ) would need to hit $345,000 under Trump (Round 2) to match that record. It may also come as a surprise how much Bitcoin ( BTC-USD ) advanced during Trump's first term, when he called it a scam and was far from being a crypto advocate (Bitcoin would need to reach $1,400,000 to match that level). More on crypto MicroStrategy sinks after Citron Research shorts 'overheated' stock SA Sentiment: Should the U.S. create a Strategic Bitcoin Reserve? A closer look at financial conditions and Bitcoin movement Weekly ETF Flows: SPY records inflows, bitcoin funds see large influx of capital More Seeking Alpha subscribers are open to investing in crypto Galaxy CEO: There will be a correction in Bitcoin, but $100k is ‘inevitable’
