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With Republican Donald Trump's election as U.S. president promoting hopes that his administration could introduce an open climate for cryptocurrencies, Bitcoin touched a record high above $100,000 on Thursday. At the recent trade, the highest cryptocurrency in the world was worth $102,900.
The price has increased over 45% since Trump's victory on November 5th, boosted by a wave of purchases that have invested money into US bitcoin-backed exchange-traded funds. Let's discuss the reaction of experts on Bitcoin.
Examine the Reactions of Experts
DAN COATSWORTH, INVESTMENT ANALYST AJ BELL, LONDON
"Bitcoin growing mainstream is not represented by passing through the $100,000 mark. In the end, it's only a number and only a psychological factor.
“The cryptocurrency's sharp rise in value this year has made many individuals rich, but not everyone is a perfect fit for this high-risk trade. It is volatile, erratic, speculative, and none of which make for a satisfying investment.”
“In addition to alters in regulatory guidance that could assist sector growth, the incoming Trump administration is regarded as being more crypto-friendly. In 2025, there may be progress made in establishing a U.S. Bitcoin strategic reserve.”
SHOKI OMORI
"After knowing that Paul Atkins was elected to be the SEC chair, individual investors must be excited to hear the price of Bitcoin surpassed $100,000. The markets were informed that Gensler would step down and that a less aggressive person would take over when it came to crypto rules. Naturally, there will be attempts at claiming profits, so this does not suggest that Bitcoin will continue to rise.”
JEFF MEI, COO AT BTSE
"Bitcoin's rise past the $100,000 mark is not just a milestone; it serves a pivotal moment for the cryptocurrency industry."
“An increasingly beneficial regulatory climate in the United States, particularly after Paul Atkins became the chair of the SEC, is the reason force behind the optimism. More institutional investment in the market is likely to result from this, which will increase Bitcoin's legitimacy and spark a fresh wave of adoption.”
GEOFF KENDRICK, GLOBAL HEAD OF DIGITAL ASSETS RESEARCH,
"At the end of the day, it's just a value, but the reality is we've been able to reach this level because the market has become institutionalized this year particularly, and that's mainly the ETF inflows."
“In 2024, institutional funds obtained almost 3% of the whole bitcoin provide that would ever exist.”
TONY SYCAMORE, ANALYST, IG, SYDNEY
"After investing the past 12 sessions working off overbought readings and creating energy, the King of Crypto has broken its way above $100k in trading today."
“The next wave of momentum buying that moves it towards the next stop of $105k and then $120k in 2025 is probably going to be started by this.”
