Bitcoin tipped to rocket to $120,000 early next year after Trump chooses pro-crypto chairman of the US financial regulator
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Bitcoin topped $100,000 for the first time yesterday and is tipped to rocket to $120,000 early next year following Donald Trump’s election victory in the US. The cryptocurrency has soared since the election on hopes he will follow through with his campaign promise to make the US the ‘crypto capital’ of the world.
Bitcoin was worth $66,077 before the election and plateaued at $99,395 two weeks later. It broke through the $100,000 barrier after Trump announced he would appoint pro-crypto Paul Atkins chairman of the US financial regulator, the Securities & Exchange Commission. Trump took to social media to tell bitcoin investors: ‘You’re welcome’.
Bitcoin fell back through the $100,000 mark in trading overnight before then climbing back above it. At 7pm UK time it was trading at $101,500. Boost: Bitcoin broke through the $100,000 barrier after Donald Trump announced he will appoint pro-Crypto Paul Atkins (pictured), as chairman of the Securities & Exchange Commission.
IG Markets analyst Tony Sycamore said: ‘This is likely to be the catalyst for the next wave of momentum-buying, which takes it to the next stop of $105,000, before $120,000 in 2025.’. One factor that may keep Bitcoin prices high is the fact supply is constrained. There are fewer than 20m bitcoins and 75 per cent is believed to be in the hands of long-term holders, limiting supply.
