Coinspeaker
Bitcoin Price: Donald Trump May Be Ultimate Catalyst
In a recent report, analysts at investment firm VanEck, Matthew Sigel and Patrick Bush, predicted that former US President Donald Trump’s likely return to the White House will spark a Bitcoin (BTC) rally, boosting its price to $100,000 by December 2024 atop a market capitalization of roughly $2 trillion.
The analysts’ prediction comes on the heels of the recent meteoric rise in the price of Bitcoin, surpassing $40,000 per token and more than doubling from its late 2022 valuation of under $20,000.
The VanEck Bitcoin Price Prediction
In their 2024 crypto and Bitcoin prediction report, Sigel and Bush outline a scenario where Bitcoin faces a “Presidential-sized wall of worry” in the second half of 2024. They foresee Trump winning the Presidency with 290 electoral votes, signaling a potential shift in the Securities and Exchange Commission‘s (SEC) regulatory approach. This change is expected to dismantle the SEC’s perceived hostility towards Bitcoin, providing a boost to its market dynamics.
According to the analysts, the price of Bitcoin is anticipated to reach an all-time high on November 9, exactly three years from its last peak. They attributed this prediction to historical data, citing Bitcoin’s breakout in November 2020, which coincided with its top in November 2017.
The report suggests that if Bitcoin reaches $100,000 by December 2024, there’s a long-shot chance that the mysterious creator of Bitcoin, Satoshi Nakamoto, may be named Time Magazine’s Person of the Year.
VanEck analysts correlate Trump’s predicted victory with a global backlash against what they term an “anti-growth agenda”. They predict that in 2024, the percentage of the worldwide population voting in legislative and presidential elections will reach an all-time high of more than 45%.
This spike in political activity is viewed as a foreshadowing of increased volatility and considerable change. The analysts specifically point to mounting evidence that voters and courts are rejecting the perceived anti-growth agenda of environmental advocates.
Notably, Trump’s lead in recent polls aligns with the VanEck analysts’ perspective on the global political landscape. They predict that Trump’s potential return to the White House will coincide with a rejection of what they term an “anti-growth agenda” globally.
Predictions Supporting VanEcks’ Analysts
Meanwhile, Standard Chartered‘s Geoff Kendrick also supports the optimistic outlook for Bitcoin, forecasting a $100,000 valuation by the end of 2024.
Kendrick highlights the expected approval of several Wall Street Bitcoin spot Exchange-Traded Funds (ETFs) in January 2024 as a catalyst for potential institutional investment. He notes that Bitcoin’s dominance in the overall digital assets market has increased, reaching 50% from 45% in April, indicating continued market strength.
Similarly, Samson Mow, the CEO of Bitcoin adoption startup Jan3, highlighted in a recent report that Bitcoin may not only reach $1,000,000 per coin as a result of prospective spot ETF approval but that hodlers expecting anything less would be in for a pleasant surprise.
