Since the former president of the country and candidate of the Republican Party, Donald Trump, has been attacked. Since then, discussions have begun not only in the United States but around the world about the possibility that Donald Trump could once again take over the power of the world’s largest economy. This attack and expectations of Trump’s victory are discussed on social media around the world. By the way, the main topic of our discussion is not Donald Trump or his victory, but cryptocurrencies and their rise.
After the attack on Trump, expectations of Trump’s victory have become high. There is a bullish atmosphere in the cryptocurrency market. The price of Bitcoin, the world’s largest cryptocurrency, has seen an increase of more than two and a half percent. At the same time, an increase has also been observed in other virtual currencies. Of the top 10 cryptocurrencies, 8 are experiencing an increase and this increase is as much as 5 percent.
Now the most important question is why there has been such a boom in the cryptocurrency market? If experts are to be believed, the expectations of Trump’s victory will be higher. The cryptocurrency market will grow at that speed. Donald Trump is considered a great supporter of cryptocurrencies. Last month, he himself admitted that the cryptocurrency market in the United States can grow significantly. On the other hand, he also accepts cryptocurrencies as donations in his election campaign.
The special thing is that cryptocurrencies also have a share in their investment portfolio. In such a situation, if Donald Trump returns to power, then there may be another surge in cryptocurrencies. Moreover, the price of Bitcoin, the world’s largest cryptocurrency, may also exceed one lakh dollars. In such a situation, it can be said that Trump’s victory can decide the future of cryptocurrencies. Let’s try to understand this in the language of statistics.
Bitcoin created a stir during Trump’s term
If we talk about Trump’s term, from January 20, 2017 to January 20, 2021, the price of Bitcoin, the world’s largest cryptocurrency, increased by about 40 times. When Donald Trump came to power in the United States, i.e. on January 20, 2017, the price of Bitcoin was at $892.9. That is, on January 20, 2021, when he left office, the price of Bitcoin was $35,476.3. It clearly means that during this period Bitcoin gave a return of about 3900 percent to investors. This clearly means that Donald Trump’s term did not interfere with the cryptocurrency market, Bitcoin or any virtual currency.
Only 70 percent return during the Biden era
On the contrary, Joe Biden’s term in office is not over yet. But during this period, only 70 percent growth has been seen in the cryptocurrency and Bitcoin market. What is special is that since 2021, the Bitcoin price had exceeded $75,000 by mid-March this year.
If we consider that as a base, then Bitcoin has delivered returns of only about 114 percent to investors since January 20, 2021, to its all-time high. This means that more than a two-fold increase has been seen. Behind this, it is important to look at the Biden administration’s strictness regarding cryptocurrencies, the impact on cryptocurrency prices due to the rise in the dollar index due to the increase in the official rate, and all other reasons.
Trump likes cryptocurrencies
Why and how does the bright future of cryptocurrencies lie behind Trump’s victory? This can be clearly understood by looking at Trump’s investment portfolio. According to the report of the blockchain intelligence company Arkham, Donald Trump has invested $10 million in cryptocurrencies by May 2024. In such a situation, Trump’s presence in cryptocurrencies can make Bitcoin and other virtual currencies even stronger in the future.
According to Arkham’s report, Trump has 579,290 holdings of Maga Memcoin. The value of which was $8.56 million on May 29, the value of Trump Memcoin is currently around $8, which has increased by 23 percent in the past 24 hours. What is special is that on May 29, the price of Memcoin was over $14.
On the other hand, according to Arkham, Donald Trump has a 464.2% stake, which was worth $1.79 million at the end of May. Currently, the price of Ethereum is at $3,193.73 and has seen a 1.27 percent increase. On the other hand, Trump’s MVP is also Memcoin.
At the end of May, its valuation was $4.73 lakh. Currently, the price of this Memcoin was $0.260, which was $0.709 on May 17. This means that its value has also decreased. In the last 24 hours, an increase of around 10 percent has been observed.
Will Bitcoin cross the million dollar mark?
Now, the biggest question that has arisen is whether Bitcoin will surpass $1 lakh. Expectations on this have been rising for many months now. According to experts, if Donald Trump comes to power, there will be a surge in the price of Bitcoin. After which the price of Bitcoin may surpass $1 lakh in the next year. We should also not forget that the study of the US Central Bank Federal Reserve may observe a cut in interest rates once or twice during the current year. The effect of this will be seen on the price of Bitcoin. Next year too, the Fed rates could be cut 3-4 times. And if we take power on January 20, 2025, Bitcoin can become a rocket. In such a situation, in the presence of the Federal Reserve and Trump, the price of Bitcoin may reach $1 lakh.
