Bitcoin (BTC) surged over 1,900% during Donald Trump's first term as President of the United States from November 2016 to November 2020. This occurred despite his critical stance on cryptocurrency at the time, highlighted by his famous 2019 tweet labeling BTC as "very volatile" and declaring its value "based on nothing."
However, Trump's second term as President of the United States seems to be more favorable for the cryptocurrency industry, with a commitment to make the U.S. a "Bitcoin superpower" and to roll back regulations to boost the cryptocurrency industry.
Trump's election victory, occurring on November 6, helped push Bitcoin's price to a new record high of around $76,400, with top analysts like TYMIO Yield founder Georgii Verbitskii predicting BTC price will exceed $100,000 in the coming months.
Will the price of Bitcoin exceed 1 million dollars by 2028?
A 1,900% increase from the current Bitcoin price would make BTC worth over 1.5 million dollars each. This would turn Bitcoin into an asset worth $28.5 trillion, nearly eight times larger than Nvidia, the world's largest company by market capitalization, and 1.6 times larger than the market capitalization of gold.
Clearly, 1 million dollars for each Bitcoin is a distant goal, but for many years, this price level has been predicted by prominent analysts in traditional finance and cryptocurrency.
Cathie Wood, CEO of ARK Invest, previously predicted that BTC prices would exceed 1 million dollars by 2030, noting that major investment banks like Morgan Stanley, Merryl Lynch, and Bank of America are likely to enter the Bitcoin space.
Henry Arslanian, co-founder of Dubai-based Nine Blocks Capital Management, echoed a similar view in a post on November 6 on X, noting that Trump's victory would facilitate "more institutional participation" in the U.S. cryptocurrency industry, from asset management companies to family offices.
Bitcoin Price Targets After the Election Ranging from 100,000 to 250,000 Dollars
Most analysts predict the Bitcoin market will surge after Trump's election victory.
According to the cryptocurrency research firm 10x Research, BTC prices could rise to $100,000 by January 2025, noting that "when Bitcoin establishes new highs within six months for the first time in 6 months as recently, [it] often sees an average gain of 40% in the next 3 months."
Meanwhile, independent market analyst Mags stated that Bitcoin will reach $250,000 in the next 12 months, citing previous price increases after U.S. elections.
He argues:
"In 2016, BTC rose 2747% after the election. In 2020, BTC rose 360% after the election. In 2024, with a pro-Bitcoin president. Even a 240% increase means $250,000 for each Bitcoin."
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