Following Donald Trump's victory in the US elections, many traders began to worry about whether the price of Bitcoin up to $1 million during his presidency.
From the moment Trump was first elected president in November 2016 to November 2020, when he lost to Joe Biden in the next vote, the Bitcoin rate increased by 1909%. Accordingly, if this situation repeats itself, the BTC price will break the $1 million mark and exceed $1,4 million by November 2028.
Bitcoin Price Changes During Trump's First Presidency
In 2019, Donald made a landmark announcement that Bitcoin was highly volatile and its value was not backed by anything. That same year, Donald took a pro-crypto position and even promised to open a state reserve fund in BTC.
Considering the fact that the digital asset has risen in price more than 20 times when the president was skeptical about it, it seems that the coin’s value can reach the $1 million mark with the politician’s support.
Co-founder of hedge fund Nine Blocks Capital Management Henry Arslanian считает , that Trump's return to the White House will trigger a bullish trend in the cryptocurrency market if:
- The policy towards digital assets will change for the better;
- New institutional investors will enter the virtual currency market;
- The crypto industry will see a lot of mergers and acquisitions.
For the price of Bitcoin to reach $1 million, the coin's capitalization level must increase by about 13 times to $19,8 trillion. Obviously, only institutions can provide such a powerful influx of capital, so, as Arslanyan correctly noted, the success of Bitcoin will depend on them. In this regard, it is virtually impossible to predict whether BTC will rise in price to $1 million.
