Bitcoin Price Set to Hit $100,000 Thanks to This
Experts believe that Bitcoin is preparing to conquer the $100,000 milestone thanks to the following reasons. Stay tuned!
Bitcoin (BTC) price has continuously recorded new records in recent times, in particular, this asset has officially surpassed the $98,000 mark and is currently trading at around $98,032, recording an increase of more than 5% in the past 24 hours.
This is considered an important milestone for Bitcoin and the cryptocurrency market in general. Two weeks after Donald Trump's victory, BTC price is still in a strong growth phase.
Therefore, experts believe that Bitcoin reaching the $100,000 mark is near, and below are the main reasons that are driving this price increase.
Trump's trade policy boosts markets
Bitcoin price has been on a steady rise since Donald Trump was officially elected the 47th president of the United States. In just about 2 weeks, BTC price has increased by more than 45% from the low of $67,363 on November 5.
Experts say that the new US government showing support for cryptocurrencies and the new interest rate cut from the Federal Reserve, which has helped the crypto market and everything else including stocks to bonds to surge.
Furthermore, executives in the digital currency industry expect Mr. Trump to make good on his July 2024 promise to establish a US strategic Bitcoin reserve.
Marshall Beard, CEO of Gemini exchange, Marshall Beard, shared that:
This would further legitimize this type of virtual asset.
Investors show strong optimism
The excitement around Bitcoin is not just fueled by Trump’s victory. It was reported that the Trump team is considering nominating Teresa Goody Guillén , a blockchain expert, to be the next SEC chair. Her appointment could be a positive sign for the crypto world.
On the other hand, Fox Business journalist Eleanor Terrett reported that Brian Brooks, a prominent cryptocurrency advocate, could be at the top of the list for the position.
The Trump administration’s appointment of the next SEC chairman as a crypto advocate is likely to push for more optimistic policies towards cryptocurrencies in the next term.
Furthermore, there are rumors that Trump’s media company, Trump Media & Technology Group, is in talks to buy the popular exchange Bakkt. This has made investors more optimistic about the future of Bitcoin and cryptocurrencies.
Record institutional inflows
More notably, one of the main reasons for the surge in Bitcoin prices is the growing interest from large investors. Recently, BlackRock launched Bitcoin options trading through the iShares Bitcoin Trust (IBIT).
On its first day alone, IBIT saw a staggering $1.9 billion in trading volume, setting a new record for a Bitcoin ETF. With the backing of Trump’s victory and the involvement of many large institutions, Bitcoin’s push to $100,000 is getting closer.