Bitcoin Rises 1900% During Donald Trump's First Term

Trump’s victory in the November 6 election pushed Bitcoin to a new record high of $76,400, while leading experts predict BTC will soon surpass $100,000.

During Trump’s first term from November 2016 to November 2020, Bitcoin’s price increased by more than 1,900%, despite his unfavorable views on cryptocurrencies. This was evident in his famous 2019 tweet, when he called Bitcoin “highly volatile” and said its value was “based on thin air.”

However, a second Trump term, if it happens, is expected to be more beneficial for the crypto sector as he pledged to turn the United States into a “Bitcoin superpower” and implement deregulation policies to boost the industry. Of course, the possibility of Bitcoin repeating the 1,900% increase is very unlikely to be possible, because if it happens, the value of Bitcoin will exceed $1.5 million.

This would make Bitcoin an asset class worth up to $28.5 trillion, nearly eight times larger than Nvidia – the company with the largest market capitalization in the world today, and 1.6 times larger than the total market capitalization of gold. Obviously, reaching a price of $1 million per Bitcoin is still a distant goal, but in the long term, this price has been predicted by many reputable analysts.

Cathie Wood, CEO of ARK Invest, has predicted that the price of Bitcoin will exceed $1 million by 2030, noting that major investment banks such as Morgan Stanley, Merrill Lynch and Bank of America are likely to enter the Bitcoin market.

Henry Arslanian, co-founder of Dubai-based Nine Blocks Capital Management, made a similar point in a November 6 post, stating that Trump’s victory could pave the way for “more institutions” to get involved in the crypto space in the US, from asset management firms to family offices.