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Leading up to the 2024 presidential election, the consensus in the cryptocurrency industry was that if Kamala Harris won, crypto would be in trouble because of the globalists’ strong desire to regulate and fully control decentralized technologies like blockchain. But there was no consensus regarding a win by Donald Trump, though a majority leaned toward his presidency being a positive for the digital currency.
It seems like anyone who doubted the “Trump Effect” on Bitcoin was wrong, at least in these early days after the election and before he’s even inaugurated. Bitcoin soared to over $100,000 for the first time on Wednesday.
According to Breitbart:
The digital asset peaked around its previous 2022 record of $73,000 in March 2024, weeks after the U.S. Securities and Exchange Commission (SEC) approved several exchange-traded funds (ETFs) for investors seeking to acquire it, according to data from CoinMarketCap.com. At the end of October, Bitcoin came close to that $73,000 record before retreating in the 60,000s range, then rocketing to a new all-time high of $75,000 before the end of the first week of November. Since then, BTC has sailed past new price benchmarks, first selling for $90,000 on November 13.
In the course of an hour, BTC surged from roughly $98,500 to $103,000 Wednesday evening, smashing a six-figure price barrier that felt unthinkable a decade ago, when the asset spent an entire year under $1,000.
Several factors may have contributed to the past month’s price action; investors may have been energized by President-elect Donald Trump’s victory over Kamala Harris (Trump vowed to create a BTC “strategic reserve” and appealed directly to Bitcoiners on the campaign trail) and the announcement that Gary Gensler — a villain in the eyes of many cryptocurrency fans — would step down from the SEC once Trump takes office.
But one of the key elements in Bitcoin’s perennial rise is its “halving” — a 50% reduction in its issuance of new “coin” units — that occurs every four years, making the “mining” that secures the network that records the ledger of BTC transactions more competitive and costly. The latest Bitcoin halving occurred in April 2024. Just as it did in 2012, 2016, and 2020, BTC appears to be entering price discovery roughly five months after the latest halving.
Historically, Bitcoin has grown in cycles of parabolic ascent and “crashes” down to prices far above the previous cycle’s highs.
Will Bitcoin go to $150,000? $200.000? $1,000,000? With Donald Trump in the White House, anything is possible.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
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