Bitcoin’s price surged past $76,000, setting a new all-time high after Vice President Kamala Harris conceded the presidential race to Donald Trump. With expectations of crypto-friendly policies from the incoming Trump administration, CNBC now reports that Bitcoin could reach $100,000 before Trump’s inauguration.
The rally began earlier today, with Bitcoin pushing to $75,000 and then climbing even higher as Harris’s concession was announced. Analysts see this rise as a reaction to Trump’s win, with investors betting on supportive cryptocurrency policies under his administration.
The market seems to expect that Harris, in her current role, will certify the results, clearing the path for Trump’s return to the White House. In addition, reports show that the U.S. government holds $15.83 billion worth of Bitcoin from past seizures.
Trump has indicated he might create a national Bitcoin reserve from these assets, which has only added to the market’s excitement. To further solidify this reserve, Senator Cynthia Lummis, a known crypto advocate, has introduced a plan for the government to purchase 200,000 BTC over five years.
The rally also follows expectations of a 25-basis-point rate cut by the Federal Reserve, which could further boost Bitcoin’s price. With this financial backdrop, the cryptocurrency’s perfect track record of gains since election day adds to optimism.
Some analysts speculate that, with Trump’s pro-Bitcoin campaign promises and potential regulatory changes, Bitcoin may reach $100,000 before his January 20 inauguration.
