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 $80,000 on Sunday, reaching a new all-time high.

Investors are now predicting that Bitcoin will soon hit six figures. In a recent TV appearance, VanEck CEO Jan van Eck made an optimistic prediction about Bitcoin’s future, saying:

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

He explained that this projection of $300,000 was based on the assumption that it was a “reasonable base assumption.” This remark was made shortly after Bitcoin surpassed $77,700, just days after the U.S. presidential election, bolstering the overall bullish sentiment in the crypto market.

Bitcoin bull run

Investors have been piling into ETFs, fueling the bullish momentum for both Bitcoin and Ethereum (ETH). In addition, crypto’s influence on the 2024 U.S. presidential election became a key factor, evolving from a mere cameo to a full-fledged scene-stealer.

Leading up to Election Day, mainstream media ran neck-and-neck polls, but Polymarket — a crypto-betting platform — proved to be a more accurate gauge of voter preferences. As the race played out, Vice President Kamala Harris had voiced her support for digital assets, positioning them as an emerging technology. However, it was Donald Trump’s stance that ultimately resonated with a large segment of voters, particularly those disillusioned with the Biden administration and the SEC’s stance on crypto.

Trump, known for his previous rejection of Bitcoin during his first term, took a notable pivot after his loss in 2020. Faced with mounting legal fees and a need for campaign funds, he recognized the potential of the crypto sector. He capitalized on the rising crypto hype by selling non-fungible tokens (NFTs), promoting Bitcoin-themed merchandise, making a high-profile appearance at a Bitcoin conference, and even promising to make the U.S. the global hub for crypto mining (a claim that, while ambitious, aligns with the country’s current position as a leader in mining).

Trump and his sons also launched their own crypto project, World Liberty Fi. As the election neared, crypto analysts speculated that a Trump win could lead to pro-crypto policies, pushing Bitcoin’s price to new highs — some forecasts even pointed to $80,000, $100,000, or as high as $250,000.

Now, as we move into the week following the election, with clearer expectations about the incoming administration, Bitcoin appears to be following the bullish trajectory many had predicted.