- Analyst projects Bitcoin’s value could reach $2 million by 2025 if Trump wins the 2024 U.S. election.
- Bitcoin’s price surged 2,714% following Trump’s 2016 win, creating speculation for a similar 2024 trend.
- Ripple’s Brad Garlinghouse foresees imminent U.S. regulatory clarity regardless of the election outcome, boosting crypto competitiveness.
Market analyst RoverCRC, has predicted a massive surge for Bitcoin should Donald Trump win the 2024 U.S. election. Referring to historical trends, RoverCRC pointed out that Bitcoin’s last notable surge followed Trump’s 2016 victory, with the cryptocurrency rising an impressive 2,714% from around $800 to nearly $14,000 over the next year.
According to his analysis, a similar outcome in 2024 could potentially propel Bitcoin’s value toward the $2 million mark by 2025. The prediction, though speculative, has spurred conversations about the potential impact of Trump’s return on the crypto market.
2016 Victory: Bitcoin’s Historic Rally
Following Trump’s 2016 election win, Bitcoin displayed a sharp increase, with its price rising from about $800 to a peak near $14,000. This post-election period marked a substantial 17x surge, driven by heightened market enthusiasm. During this time, investor confidence surged, fueled by optimism surrounding Trump’s pro-business policies and a favorable economic environment for risk assets.
This rally not only brought Bitcoin into the spotlight but also highlighted the asset’s potential as a modern investment. With Bitcoin now a more established asset, investors have turned their attention to the 2024 election, examining the potential for a similar pattern if Trump returns to office.
Speculative Market Trend for 2024
At press time, Bitcoin was trading at $68,914.73 as the 2024 election approaches. This level has seen strong price action, with multiple rejections at this resistance, indicating consolidation. If Trump secures a victory, RoverCRC’s comparison suggests the potential for another bullish trend, albeit not with the same explosive growth as in 2016.
Breaking the $73,000 resistance could attract renewed investor interest, leading to potential gains at key psychological levels, such as $100,000 and higher. However, RoverCRC’s projection remains speculative, as economic and regulatory shifts have shaped the crypto market since 2016.
Ripple CEO Sees Regulatory Shift on the Horizon
Meanwhile, Ripple CEO Brad Garlinghouse recently expressed optimism for regulatory change in the U.S. crypto sector, regardless of the 2024 election outcome. Speaking at Washington DC’s Fintech Week, he criticized the current administration’s stance on cryptocurrency, which he believes has hampered industry progress.
Garlinghouse anticipates an imminent shift toward clearer regulations, which he says will help the U.S. remain competitive with nations like the UK, Switzerland, Singapore, and Japan, where crypto-friendly regulations already exist.
He added that a more supportive framework in the U.S. would enable further innovation, drawing parallels with the early days of the internet. In his view, a balanced regulatory environment will be essential for the U.S. to lead in financial technology, regardless of the presidential outcome.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
