The United States election results are finally out, with Donald Trump pulling ahead of other candidates in the race. During the campaign, Trump promised to back the crypto sector in the country. Even before Kamala Harris was chosen to replace Joe Biden in the race, there had been some element of crypto. The Democrats and Republicans had made various promises to gain the industry’s trust and approval.
The US dollar’s status as the reserve currency is known to all, including traders in the crypto market. So far, the market has reacted to Trump’s victory, seeing a brief rally. However, there is belief that it could have a lasting effect on Bitcoin, pushing it towards $100k.
The new US administration and its Bitcoin relationship
Donald Trump was confirmed as the winner of the recently conducted election after beating Kamala Harris to the 270 mark. During his campaign, he had promised to make the United States a crypto capital.
Aside from his promises, Trump alongside his vice president, JD Vance both have stakes in the sector. Reports claimed that JD Vance is a huge investor in the Bitcoin market, owning a $500k stake in the asset.
Bitcoin, the largest digital asset, has the potential to become very big. With the support of Trump and his vice, it could happen sooner rather than later.
Digital assets and the entire market had to endure choking regulations under former president Joe Biden. Analysts have also opined that the new government could provide a clear pathway for the assets, giving it a shot at growing.
The United States could follow in the steps of El Salvador in its Bitcoin adoption, with President Nayyib Bukele being one of the few to congratulate Donald Trump. The result is another win for Bitcoin, with one more pro-Bitcoin leader added to the mix.
Analysts have noted that it could only be a matter of time before America starts its progressive journey in the crypto sector. The two presidents could join together to work for their interests in Bitcoin. This could mean another bull rally could be on the horizon before the end of the year.
Bitcoin price prediction for 2024
Earlier today, Bitcoin surged to a new all-time high of $75,000. Despite the bullish predictions, the asset has seen little to no movement in the market. The asset had traded at a low of $58,000 over the last few months and rose to $68,000 days ago.
Given the little action that the asset has shown, it is understandable that analysts don’t expect it to make any major move before the end of the year. However, it is still likely that the asset could hit $100k before the end of the year. This is due to the effects the elections could have on it before the end of the year.
With Trump emerging as the winner, the predictions are not far off. Michael Saylor took to Twitter to express his happiness, asking that Washington be made the Bitcoin Capitol. Historically, Bitcoin has always seen huge leaps in November since 2013, with an average high of 46%.
The upcoming Federal Reserve meeting on November 7 could result in a 25-basis-point rate cut. The decision could trigger Bitcoin’s upside, pushing it towards $80,000-$90,000, as predicted by Bernstein.
Market projection updates
Crypto investors are presently hoping that the United States election could trigger something in the market. Market analysts making 6-figure market predictions have become a normal occurrence in the market. In April, the market put their hopes on Bitcoin halving, but nothing came out of it. Despite the asset seeing relatively little upside, the price remained relatively stable.
The second factor is the Bitcoin ETFs. After the SEC approved it, there were expectations of a bull run, but it did not materialize. Even BlackRock’s investment in Bitcoin is yet to push the asset close to the $100k mark.
Investors are still being cautious over the volatility in the market. Some expect it to materialize into something big, but it is yet to point in that direction. Overall, traders are cautious, waiting for opportunities to earn from the assets.