“Bitcoin to Hit $100,000 Before Trump’s Inauguration” – CNBC

CNBC reported that Bitcoin could hit the historic $100,000 mark before Trump’s inauguration, citing several key factors driving optimism in the market.

Bitcoin’s price surged past $76,000 following Donald Trump winning the presidential election and fueling expectations for a pro-crypto stance under his administration before settling at $74K.

Market Rally Fueled by Trump’s Pro-Bitcoin Promises

Yesterday, Bitcoin hit $75,000 before quickly climbing above $76,000 as the news of Trump’s victory spread across the financial markets. Crypto analysts have largely attributed this rally to investor confidence in Trump’s crypto-friendly policies as the incoming administration has consistently promised more supportive regulations for cryptocurrencies.

Bitcoin’s also saw a spike in ETF trading volume, indicating an influx of investor capital. BlackRock’s spot Bitcoin (BTC) ETF recorded an impressive $1 billion in trading volume within just 20 minutes of market opening on Nov. 6, spurred by President-elect Donald Trump’s victory in the US elections. Spot BTC ETFs now hold a total of $69.28 billion in assets, accounting for more than 5% of Bitcoin’s market cap.

During the weeks leading up to the election, Trump made a lot of promises to implement certain pro-crypto policies in his administration.

He hinted at transforming Bitcoin assets recovered from seizures into a national Bitcoin reserve. Currently, the U.S. government holds approximately $15.83 billion in Bitcoin from previous seizures. This policy is generating excitement as it has the potential to elevate Bitcoin’s standing as a store of value comparable to gold.

US Senator Proposed Bitcoin’s $200,000 Push

Adding weight to this development, U.S. Senator, Cynthia Lummis—a well-known crypto advocate—has proposed a plan for the government to purchase an additional 200,000 BTC over five years. The creation of a national Bitcoin reserve would make the United States a key figure in the global cryptocurrency industry, potentially influencing other countries to adopt similar strategies.

As part of his campaign promises, Trump has also vowed to replace SEC Chair Gary Gensler with a more crypto-friendly figure in his first day in office. Gensler’s term has been marked by strict enforcement actions against cryptocurrency firms, causing friction between the SEC and the crypto sector.

Trump’s administration also revealed plans to implement incentives to boost U.S. crypto mining operations, with potential tax breaks and lower energy costs for miners who adhere to environmental standards.

Lower operating costs would enable miners to hold onto their Bitcoin for longer periods rather than selling immediately to cover expenses, which may limit selling pressure and contribute to a sustained rise in Bitcoin’s price.