Bitcoin hits new all-time high: How long until $300,000?

Fueled by President-elect Trump’s victory and the stock market’s upward momentum, Bitcoin surpassed its all-time high of $80,000 on Sunday.

Investors expect the cryptocurrency to reach six figures as soon as possible.

VanEck CEO Jan van Eck predicted on a TV show that Bitcoin (BTC) could be worth half as much as outstanding gold.

“I think Bitcoin will hit all-time highs today and go even further. Ultimately I think the value of Bitcoin will be half of the outstanding gold, so you’re talking about $300,000 for Bitcoin.”

Why only half?

That’s because it’s a “reasonable basic assumption,” Van Eck added. Van Eck made this comment as Bitcoin surpassed $77,700 just days after the US presidential election. See below.

Bitcoin bull run

Investors are flocking to ETFs, sending Bitcoin and Ethereum (ETH) on an upward momentum.

There was also crypto’s cameo-turned-scene-stealer role in the 2024 US presidential election.

In the months leading up to Election Day, the mass media published one head-to-head poll after another. But Polymarket, a crypto betting site, has proven to be a more accurate measure preferred by prospective voters.

Regardless, Vice President Kamala Harris has vowed to embrace digital assets as an emerging technology. Ultimately, it was Donald Trump’s flattery that won over the majority of this particular segment of the electorate; A group making their frustrations known with the Biden administration and the SEC.

Remember the previous administration. Trump rejected Bitcoin at that time. But after losing the 2020 election and incurring legal fees, money was needed for his re-election campaign. The then-Republican candidate saw an opportunity: capitalizing on crypto advertising.

Trump sold non-fungible tokens (NFTs); hawk Bitcoin-themed sneakers; attended a Bitcoin conference as a guest; and promised to make the US the crypto mining capital (the US already mines the most).

He and his eldest sons even launched their own coin, World Liberty Fi.

In the weeks leading up to November 5, crypto analysts predicted that a Trump win would lead to crypto-friendly policies and the price of Bitcoin would rise to $80,000, perhaps $100,000.

As this week begins, as it becomes clearer who will be sworn in at the White House in January, it appears that Bitcoin is indeed on that path.