Buoyed by President-elect Trump's victory and an upward market momentum, Bitcoin surpassed the $80,000 mark on Sunday, setting a new all-time high. Experts foresee further growth of the cryptocurrency.
Bitcoin's New Record
VanEck CEO Jan van Eck appeared on television to predict that Bitcoin could be valued at half of all the gold outstanding, estimating a price of $300,000. When Bitcoin reached $77,700 shortly after the U.S. elections, van Eck described this as a 'reasonable base assumption.'
Market and Elections
Investors have been piling into exchange-traded funds (ETFs), fueling Bitcoin and Ethereum’s upward momentum. As the 2024 U.S. presidential election approached, cryptocurrencies went from a cameo to a starring role. Despite varied media polls, the crypto platform Polymarket proved to be a more accurate predictor of the election outcomes.
Crypto's Future with Trump
Previously critical of Bitcoin, Donald Trump embraced crypto initiatives in his campaign, drawing in new audiences. These steps, including NFT sales and other activities, prompted traders to predict crypto-friendly policies and potential price increases for Bitcoin to $80,000, or even $100,000.
Bitcoin continues its price surge amid U.S. political events and aggressive investments in crypto funds. The influence of cryptocurrencies on the U.S. economy is expected to grow with new leadership in the White House.
