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.
Read more: 10 Crypto Policies Promised by Trump After Election
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.
