Trump may bring good news for the crypto world! Bitcoin could aim for $100,000?

Analysts say that after Trump wins the election, Bitcoin is expected to reach the milestone of $100,000 by the end of this year. James Butterfill, Head of Research at CoinShares, stated that Bitcoin rising to $100,000—which means there is still a 33% upside—is “now possible,” as Trump's victory and the Republican control of the Senate may make it easier to push for “an anticipated easing of the regulatory framework.” A $100,000 Bitcoin “doesn't sound so unreasonable,” as its market value would only represent “10% of the gold market share,” Butterfill told CNBC in an email comment. Trump defeated Vice President Harris on Wednesday to win the 2024 U.S. presidential election, having promised several initiatives to support cryptocurrencies in the months leading up to the vote. One of the promises was to fire SEC Chairman Gary Gensler, who has taken over 100 actions against crypto companies during his tenure at the agency. The SEC has sued companies such as cryptocurrency exchanges Coinbase and Binance, as well as blockchain company Ripple, closely associated with the cryptocurrency XRP, accusing them of violating securities laws. Another promise made by Trump was to establish a strategic Bitcoin reserve, holding the digital currency accumulated by the U.S. federal government through the seizure of assets from financial criminals. He also pledged to promote the Bitcoin mining industry in the U.S., stating that he hopes all remaining Bitcoin in the world will be mined in the United States. Butterfill believes that the main catalysts for Bitcoin's future are changes in SEC leadership, crypto-friendly regulations, and further adoption of cryptocurrencies by large companies. He added that another catalyst could be interest rate cuts by the Federal Reserve. Jag Kooner, Head of Derivatives at cryptocurrency exchange Bitfinex, stated that while it is difficult to predict Bitcoin's price, the goal of reaching $100,000 in a few months “doesn't seem too far-fetched.” “Given the bullish momentum, coupled with the fact that the economy has avoided a recession, we expect limited downside for Bitcoin at this time. This ($100,000 target) looks very reasonable,” Kooner told CNBC via email. Fadi Aboualfa, Head of Research at cryptocurrency custody firm Copper.co, believes that Bitcoin's price could reach $100,000 by January 20, 2025, when Trump takes office. “It’s worth noting for Bitcoin that Trump witnessed two historical records during his presidential term from 2016 to 2020,” Aboualfa said in a written comment after the news of Trump's election win. However, he added that these increases “occurred against a backdrop of a weak dollar, which is different from the current environment of a strong dollar.” Nevertheless, Aboualfa emphasized that given that Bitcoin exchange-traded funds currently hold about 1.1 million Bitcoins, the momentum in the coming months could be positive Kooner added that other catalysts for Bitcoin's positive price momentum will include the "long tail" of the so-called Bitcoin "halving" event in April. The Bitcoin "halving" is a technical event in the Bitcoin blockchain that occurs every four years, reducing the supply of Bitcoin awarded to miners who successfully produce new Bitcoins by half. In an interview with CNBC, Kooner stated that the ongoing expectations of declining U.S. interest rates, avoiding economic recession, and a strong labor market may also "stimulate greater confidence in the future of Bitcoin and its applications in the economy."