- Bitcoin surged to $75,000 as Donald Trump neared a potential victory in the US presidential race, with analysts forecasting a long-term rally for the cryptocurrency.
- Trump’s crypto-friendly promises, including ending the SEC’s crackdown and creating a Bitcoin strategic reserve, have investors excited, with some predicting Bitcoin could reach $125,000 by the end of 2024.
The cryptocurrency market is buzzing with excitement as Bitcoin hits a significant milestone of $75,000, marking a 10% surge. This surge coincides with Donald Trump’s growing lead in the US presidential race, as the Republican candidate nears the 270 Electoral College votes necessary to secure the White House. This latest jump is just the beginning, say analysts, who believe Bitcoin is poised for a long-term rally if Trump emerges victorious.
Trump’s Influence on Bitcoin and the Crypto Market
The rise in Bitcoin’s price follows the trend of other digital assets, with Ether increasing by 8.5% and Solana’s SOL token skyrocketing by more than 15%. In 2024 alone, the total market value of the cryptocurrency industry has soared by more than 50%, reaching a staggering $2.6 trillion.
Crypto analysts had long predicted that a Trump victory could trigger a monumental rally for Bitcoin, especially after the former president embraced the cryptocurrency industry earlier this year. As Trump leads in battleground states like Pennsylvania, Michigan, and Wisconsin, investors are becoming more optimistic, preparing for a potential crypto boom.
Trump’s Crypto Agenda and Promises
Should Trump win the presidency, his proposed crypto agenda could be a game-changer. This year, he made several promises that have resonated strongly within the crypto community. He pledged to end the US Securities and Exchange Commission’s crackdown on cryptocurrencies, particularly targeting Gary Gensler, the SEC chair, whom he vowed to fire.
Trump also promised to create a Bitcoin strategic reserve, using taxpayer funds, and even hinted at releasing Ross Ulbricht, the infamous Silk Road operator, from federal prison. These commitments have sparked excitement among crypto enthusiasts, who view them as a signal that the industry could thrive under Trump’s leadership.
Forecasts and Future Projections for Bitcoin
As the election results unfold, Bitcoin has already surpassed its previous all-time high of $73,000, set earlier this year. Some analysts are forecasting an even brighter future for Bitcoin. According to Bernstein research, a Trump victory could push Bitcoin’s price to $90,000. British bank Standard Chartered is even more bullish, predicting a rise to $125,000 by the end of 2024.
Looking ahead, analysts are optimistic about Bitcoin’s long-term prospects. Bernstein analysts predict that Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the US presidential race.
What’s Next for Crypto Investors?
As investors watch the election results closely, many are keeping an eye on factors such as the Federal Reserve’s upcoming meeting, where interest rate cuts are expected, and China’s $284 billion stimulus package, both of which could further influence Bitcoin’s price.
With Trump’s likely win potentially sparking a wave of support for the cryptocurrency market, Bitcoin’s journey to new heights seems far from over. For crypto investors, the rally could be just getting started.
