A bitcoin surging to a record high of more than $80,000 on Sunday was boosted by President-elect Donald Trump’s victory and a strong stock market. They are now predicting the cryptocurrency will soon reach six figure prices.
Miller, who was making a presentation at Finovate in New York City Tuesday, says VanEck CEO Jan van Eck forecasted Bitcoin could be $50 trillion, or half the total value of all outstanding gold, and that it is a ‘reasonable base assumption.’
Bitcoin and Ethereum Soar Amid Trump’s Pro-Crypto Stance and Bullish Market
Both Bitcoin and Ethereum have managed to go on a bullish trend as investors are flocking to cryptocurrency ETFs. Also the 2024 U.S. presidential race was placed under the spotlight as Polymarket a crypto betting site was able to predict voter preferences much more accurately than so many traditional polls did.
While Vice President Kamala Harris had promised to back digital assets, it was the specific tactic used by Trump appealing to pro crypto voters who are dissatisfied with the Biden administration and SEC.
Significantly, Trump’s move away from criticism of Bitcoin during his first term was notable. He’s also facing some hefty legal fees and massive funding needs for his re-election campaign, so he’s willing to try crypto marketing ploys like selling NFTs, bitcoin themed merchandise and became the first official US politician (more or less) to pledge to make the United States a top crypto mining hub.
Trump and his sons set up “World Liberty Fi,” their own cryptocurrency, in the final weeks before Election Day, a move analysts said could open the door to looser crypto policies under his administration. Bitcoin has soared into historic high ground, and now some are projecting that it can climb to anywhere from $80,000 to $250,000 in the coming months ahead of Trump’s inauguration in January.
