By Johanna Gardener •
Updated: 30 Nov 2024 • 19:44 • 2 minutes read
Following President Donald Trump’s election victory in November, the price of bitcoin is set to be making records in one of its best months of the year.
The Republican President’s election has catapulted the cryptocurrency to fresh record levels throughout the month and this is no coincidence.
According to Coin Metrics, bitcoin is on its way to make a 38 per cent gain for the month of November – making it the best month so far since February where 45 per cent gains were noted after spot bitcoin, ETFs, were launched. These are record figures which haven t been seen since November 2021.
Trump s election campaign and promotion of cryptocurrency paid off
On an intraday basis, Bitcoin was last up by over 2%, trading at $97,081.81. Earlier it reached a high of $98,722.00. Among crypto-related equities, Coinbase experienced a 4.75 per cent decrease, while Bitcoin proxies MicroStrategy and Marathon Digital Holdings (MARA) saw modest gains of 0.67 per cent and 1.86 per cent, respectively. November investors appeared to factor in the potential for Donald Trump’s second presidency. During his re-election campaign, Trump positioned himself as the candidate who would revive the crypto industry, which many perceive as being hampered by regulatory uncertainty and the SEC s enforcement-heavy approach under Chair Gary Gensler. Trump’s messaging emphasized clear, supportive regulation for digital assets, aiming to appeal to proponents of the industry. And it seems to have paid dividends.
Trump’s victory propelled bitcoin to new levels nearly meeting the highly anticipated $100,000 milestone. Trump’s upcoming term as President is expected to add further legitimacy to the young crypto sector, especially as potential inflation and changes to the international position of the dollar would mean favourable consequences for the price of bitcoin.
Institutions invest in ETFs; long-term bitcoin holders sell.
After Trump’s election, BlackRock’s popular IBIT fund which leads bitcoin ETFs, noted strong inflows. At one point, they observed record levels, which at the beginning served to offset sell pressure from long-term holders who were making fresh top profits with ETFs. During the same period, ETFs options began trading which mean that there were new ways to trade and speculate on bitcoin prices. Institutions are investing in ETFs and long-term bitcoin holders are selling.
Bitcoin prices expected to double by end of 2025 under Trump
Bulls (investors believing in exponential price rises over time) expect bitcoin’s price to reach $100,000 by the end of 2024. They also predict that it could potentially double by the end of 2025. Trump’s election has boosted the price in the short term, yet since then, it has not generated much uncertainty especially around its role as digital gold. There seems to be little doubt that its price will rise further. This is also considering the bitcoin halving which took place in April 2024 the rate at which new coins are created is reduced, new supply is lowered and the price is often increased due to reward systems. Typically, peak price hikes take place a year after bitcoin halving and so further increases are on the cards, especially when there is growing demand by institutions, states and countries.
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Written by
Johanna Gardener
Originally from Manchester, UK and with a degree in English with Modern Foreign Languages, she has been a permanent resident in Spain for the past 12 years. Many of these years, she has spent working as a secondary school teacher, as well as in journalism, editing and marketing. She currently lives in the historic centre of Malaga, where she enjoys writing, walking and animals.
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