Bitcoin reached a new all-time high above $80,000 on November 10, 2024, spurred by the victory of President-elect Donald Trump and a strong rally in the stock market. The cryptocurrency’s remarkable climb has led many investors to speculate that Bitcoin could soon hit six figures, with some even predicting a potential $300,000 valuation in the coming years.
In a recent TV appearance, VanEck CEO Jan van Eck stated, “I think Bitcoin will hit all-time highs today, and I think it will go further. Ultimately, I think Bitcoin’s value will be half of all the gold outstanding, so you’re talking about around $300,000 for Bitcoin.” Van Eck explained that this estimate is based on the assumption that Bitcoin could one day account for half of the total value of gold, a “reasonable base assumption” in his view.
This prediction comes just days after Bitcoin surpassed $77,700, shortly following the U.S. presidential election. With Bitcoin’s bullish momentum driven by investors flocking to ETFs and strong crypto sentiment, many are speculating that the digital asset could be on track to reach $100,000, or even higher, in the near future.
The role of cryptocurrencies in the 2024 U.S. presidential election also contributed to the surge in Bitcoin’s price. While Vice President Kamala Harris expressed support for digital assets, it was Trump’s crypto-friendly rhetoric and promises that won over many voters, particularly those frustrated with the Biden administration and the SEC’s regulatory stance on cryptocurrencies.
Despite previously disavowing Bitcoin during his first term, Trump embraced the cryptocurrency industry after losing the 2020 election. In the years that followed, Trump capitalized on the crypto boom by selling NFTs, promoting Bitcoin-themed products, and pledging to make the U.S. a hub for crypto mining. His campaign even launched its own coin, World Liberty Fi.
As the political landscape becomes clearer with Trump’s victory, Bitcoin appears to be on a strong upward trajectory, with analysts predicting continued growth that could eventually push its value to unprecedented levels.
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