Bitcoin May Smash New Record Highs in Anticipation of Trump’s Crypto-Friendly Policies

from Sputnik News:

The year 2024 became a real turning point for Bitcoin. Donald Trump’s election victory and his promises to make the US the “crypto capital” of the world have sent Bitcoin soaring, with several other factors driving the bullish streak.

Bitcoin’s price is primed for new record highs after topping $107,780 in December. It is currently trading at approximately $94,282.07, but under an optimistic scenario, Bitcoin could reach upwards of $120,000 in Q1 2025, crypto experts told Russian media.

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Here’s why:

Boosted Investor Confidence

Since crypto-friendly Donald Trump’s US presidential election win on November 5, there has been anticipation of a further favorable environment for Bitcoin.

Total assets in Bitcoin exchange traded funds (ETFs) reached around $113 billion in December driven by post-election tailwinds, according to Bloomberg analysis.

The token went on a streak of highs on Trump’s promise to set up a strategic US Bitcoin reserve.

Trump’s pick of digital-asset supporter Paul Atkins as his new Securities and Exchange Commission (SEC) chair in early December lifted Bitcoin to $100,000 for the first time.

Relaxed Regulations:

The token trended higher for most of 2024 after the launch of several US spot Bitcoin ETFs in January. This allowed trading on traditional market exchanges rather than cryptocurrency exchanges.

The approval of cryptocurrency ETFs by the US SEC prompted increased capital inflows into Bitcoin ETFs.

Supply Constraints:

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Originally Posted at https://www.sgtreport.com