Is Trump’s Potential Victory Boosting Bitcoin Past $70k? $80k Could Follow Soon
Anjali Belgaumkar30 Oct 20242 min read
Today, Bitcoin is experiencing a significant rally, approaching it’s all-time highs. Looking beyond the election, the future of the entire crypto ecosystem is in question. Many are speculating about Bitcoin reaching $80,000, $90,000, or even $1 million in the next few years. The crypto industry has raised substantial funds, aiming to support candidates who can help pass crucial legislation.
Spot Bitcoin ETFs have attracted an impressive $3.1 billion in inflows in the last two weeks alone, boosting the total market cap to $73 billion since their launch in January. Analysts suggest that with the U.S. general election just a week away, investors are optimistic that the outcome will positively impact the crypto industry, regardless of who wins. Options traders are increasing their bets, with Bitcoin expected to hit $80,000 this year.
Glen Goodman, author of “The Crypto Trader,” attributes Bitcoin’s recent surge to global liquidity and predictions of a Trump victory in the upcoming U.S. election. In an interview with Bloomberg, Goodman said that Bitcoin is very close to reaching another all-time high. He highlights two main factors:
Factors Behind the Surge
Global Liquidity: The amount of available money in the world greatly influences Bitcoin’s price. As more money circulates, investors tend to take on riskier assets, like stocks and cryptocurrencies. This creates a strong connection between the stock market and crypto.
Upcoming Election: The U.S. election is on the horizon, and prediction markets suggest Donald Trump is likely to win. Goodman observes that this may impact investor sentiment, especially since a Trump administration might be more favorable toward cryptocurrencies compared to the current Democratic administration.
Changing Perspectives on Crypto
Goodman opened up about Trump’s past criticism of crypto, describing it as a “scam.” He suggests that Trump’s views have shifted, especially now that he has his own crypto business. According to Goodman, this change is typical for Trump, who is known for frequently altering his stance on various issues.
