On Tuesday, the Bitcoin price was hovering around $87,880 apiece; the price has surged about 30 per cent since the US election
Published Date – 12 November 2024, 10:01 AM
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New Delhi: World’s biggest cryptocurrency Bitcoin is heading towards $1,00,000 amid President-elect Donald Trump‘s pro-crypto stance and promise for clearer cryptocurrency regulations.
On Tuesday, the Bitcoin price was hovering around $87,880 apiece. Bitcoin price has surged about 30 per cent since the US election. According to Nigel Green of deVere Group, “Bitcoin could hit $100,000 by the end of January 2025 after Donald Trump takes office”.
The bullish prediction from Green comes after the cryptocurrency has experienced a staggering 93 per cent price rise year-to-date. “We expect that this is just the beginning, with the cryptocurrency set to break more records under an incoming Trump administration. President-elect’s crypto-friendly stance signals a transformative moment for Bitcoin and the broader digital asset market,” said Green.
Trump administration has a clear mandate to regulate crypto constructively, and his plan to elevate Bitcoin to a strategic asset class is a powerful endorsement. “This is the most significant tailwind we’ve seen for Bitcoin since its inception. With inflation concerns on the rise amid looming economic policy shifts, Bitcoin’s role as a hedge against eroding cash value is also gaining traction,” he mentioned.
While inflation pressures have eased with recent rate cuts globally, the Trump administration’s ambitious spending plans and potential tariffs could quickly reignite upward pressure on prices. This inflationary backdrop is encouraging investors to turn to Bitcoin as a safeguard against diminishing purchasing power, said the deVere Group CEO.
According to Raj Karkara, COO, ZebPay, as more investors turn to Bitcoin, we anticipate this momentum could continue. “This landmark moment demonstrates Bitcoin’s resilience and reinforces its appeal within the financial markets,” he added. Vishal Sacheendran, Head of Regional Markets at Binance, said that clearer rules and a friendlier stance towards crypto businesses has the potential to increase investor confidence, encouraging further innovation and mainstream adoption of virtual digital assets.
“It is also important to note that In a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” he said.