As a seasoned researcher who has witnessed the evolution of technology and finance over the past few decades, I must say the current Bitcoin bull run is nothing short of remarkable. Having followed the cryptocurrency market closely since its inception, it’s fascinating to see how Bitcoin has managed to capture the attention of mainstream investors and even political figures like President-elect Trump.
Propelled by President-elect Trump’s triumph and the surge in the stock market, Bitcoin reached an unprecedented peak of $80,000 last Sunday – setting a new record high.
Investors expect the cryptocurrency to reach six-figures sooner rather than later.
In a television interview, Jan van Eck, CEO of VanEck, forecasted that Bitcoin’s value might reach approximately half of the total value of all existing gold.
“I strongly believe that Bitcoin may reach new record highs today and continue to grow. In fact, my estimation is that Bitcoin’s worth could eventually account for half of the total value of all gold currently in circulation, which would equate to roughly $300,000 per Bitcoin.
Why only half?
Van Eck stated that it was a “logical starting point,” when he commented on Bitcoin’s surge to over $77,700 following the U.S. presidential election.
Bitcoin bull run
Investors have been piling into ETFs, sending Bitcoin and Ethereum (ETH) on a bullish path.
The significance of cryptocurrency in the 2024 U.S. presidential election became increasingly prominent, transitioning from a minor appearance to a starring role. In the time leading up to Election Day, numerous polls showed a tight race between candidates. However, Polymarket, a betting platform based on cryptocurrency, stood out as a more reliable predictor of voter preference compared to traditional media polls.
Essentially, Vice President Kamala Harris expressed her intention to adopt digital assets as an innovative field. Interestingly, it was former President Donald Trump’s tactics that managed to sway a significant portion of this specific voting bloc—a group that has openly voiced their discontent towards the Biden administration and the SEC.
In simpler terms, during his previous term in office, Trump expressed skepticism towards Bitcoin. However, following his 2020 election loss and facing substantial legal costs, he found himself in need of funds for a potential re-election campaign. Seizing an opportunity, the then-Republican candidate recognized the growing interest in cryptocurrencies and decided to capitalize on this trend.
Trump promoted Non-Fungible Tokens (NFTs), marketed Bitcoin-themed shoes, attended a Bitcoin convention as a special guest, and vowed to transform the United States into a leading hub for cryptocurrency mining (even though it’s currently the country that performs the most mining).
He and his eldest sons even launched their own coin, World Liberty Fi.
As November 5th approached, cryptocurrency experts forecasted that a Trump victory could lead to crypto-favorable policies, potentially causing the price of Bitcoin to skyrocket, reaching anywhere between $80,000 and $100,000, or even as high as $250,000.
As the beginning of this week unfolds, with a clear picture emerging about who will take office at the White House in January, it seems that Bitcoin is definitely following that upward trend.
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2024-11-10 22:18