Author: Yashu Gola, CoinTelegraph; Compiled by: Tong Deng, Jinse Finance
During Donald Trump's first term as President of the United States (November 2016 to November 2020), BTC soared by over 1,900%. Although he was critical of cryptocurrencies at the time, he still achieved this feat, famously tweeting in 2019 that BTC was "highly unstable" and claiming its value was "based on thin air".
Daily BTC/USD price chart. Source: TradingView
However, given Trump's pledge to make America a "Bit coin superpower" and implement deregulation to promote the growth of the cryptocurrency industry, Trump's second term appears set to be more favorable for the cryptocurrency industry.
Trump's victory announcement on November 6th has already helped push Bit coin to around $76,400, a new high, and top analysts like TYMIO Yield founder Georgii Verbitskii predict that BTC price will break through $100,000 in the coming months.
Can Bit coin price break $1 million by 2028?
If Bit coin price rises 1,900% from current levels, each Bit coin would be worth over $1.5 million.
This would make Bit coin a $28.5 trillion asset class, nearly 8 times the market cap of the world's largest company Nvidia, and 1.6 times the value of gold.
Weekly BTC/USD price chart. Source: TradingView
Clearly, $1 million per Bit coin is an ambitious target, but prominent analysts in traditional finance and the cryptocurrency space have predicted this price level for years.
ARK Invest CEO Cathie Wood previously forecast that BTC price will hit $1 million by 2030, and pointed out that major investment banks like Morgan Stanley, Merryl Lynch, and Bank of America may enter the Bit coin space.
Dubai-based Nine Blocks Capital Management co-founder Henry Arslanian reiterated similar views in a November 6th X post, noting that Trump's victory will lead to "further institutional participation" in the US crypto industry, from asset management firms to family offices.
Source: Henri Arslanian
Post-election Bit coin price targets range from $100,000 to $250,000
Most analysts predict a significant Bit coin market rally following Trump's victory.
According to crypto research firm 10x Research, BTC price could reach $100,000 by January 2025, noting that "when Bit coin makes a new 6-month high for the first time like it has recently, it typically sees a median 40% return over the next 3 months."
Meanwhile, independent market analyst Mags says Bit coin will approach $250,000 in the next 12 months, citing the substantial Bit coin price surge following the US election.
BTC/USD price performance post-US election. Source: Mags
He argues:
"After the 2016 election, BTC price rose 2747%. After the 2020 election, BTC price rose 360%, and in 2024, the president will be pro-Bit coin. Even a 240% gain means $250,000 per Bit coin."
