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AnalysisCryptocurrencies

What's next for Bitcoin and Crypto industry following Trump's victory in US Presidential election

Bitcoin
FXStreetNov 7, 2024 12:18 AM

  • Bitcoin rose to nearly $76K following Donald Trump's victory in the US presidential election. 
  • Several top voices began celebrating the Trump victory as they anticipate a brighter future for the crypto industry.
  • Matt Hougan suggested that BTC might cross $100K this year and soar over $200K in 2025.


The 2024 US presidential election ended with pro-crypto advocates leading the House of Representatives, the Senate, and Donald Trump as the president-elect. The results stirred massive celebration across the crypto industry, with Bitcoin and the crypto market rallying following Trump's win.

Bitcoin keeps reaching new all-time highs, up nearly 10% above $75,500. BlackRock's Bitcoin ETF also saw a record volume above $1 billion in the early New York session.

Other major assets have also rallied alongside Bitcoin following the election results, as the crypto market jumped 5.3%.

Historical patterns could play a role in Bitcoin's rally

The surge in Bitcoin follows a similar pattern to its price rise in previous presidential elections since its initial launch. After the 2020 US presidential election, Bitcoin's price surged by 369% one year after the election. Specifically, from around $13,000 before the election to over $61,000 by November 2021. Many investors anticipate a similar uptrend following the election results.

The recent price rise also correlates with Bitcoin's historical positive returns in Q4. According to Coinglass data, BTC produced an average and median return of 83% and 37% in Q4 — far higher than in other quarters of the year. Due to recent price action, the leading cryptocurrency could repeat a similar trend this quarter.

Key crypto market participants react to Trump's win

Several top voices have begun reacting to Trump's second election as President of the United States and all the potential good things it would mean for the crypto industry.

Bitwise Chief Investment Officer Matt Hougan suggested that this win has opened up the "Golden Age Of Crypto." He further stated that he expects Bitcoin to rise above $100K in 2025.

"I expect bitcoin to approach $100K this year and $200K in 2025. Other crypto assets (which previously faced more regulatory risk) may do even better."

Senator Cynthia Lummis said the new government will build a strategic Bitcoin reserve. 

WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE

— Senator Cynthia Lummis (@SenLummis) November 6, 2024

Samson Mow of Bitcoin firm JAN3 also suggested that Trump's victory could propel a nationwide adoption of Bitcoin.

Many of these opinions are based on Trump's advocacy for crypto, which he projected throughout his campaign.

Over the past year, the president-elect made ten promises regarding crypto, including making America the crypto capital of the world, firing SEC Chair Gary Gensler and ensuring that the US retains all of its Bitcoin holdings. Additionally, Trump promised to create a proper regulatory framework for crypto in the US.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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