Bitcoin surged past the $95,000 mark for the first time on Wednesday, reaching a peak of $97,903.
The increase, which represents a more than 3 per cent gain, is partly attributed to market speculation surrounding the potential for a second Donald Trump presidency. As of the latest data, Bitcoin’s price stands at $97,646.68.
MicroStrategy’s shares rose 3 per cent in after-hours trading, benefiting from Bitcoin’s surge.
Similarly, mining stocks also saw gains, with Mara Holdings increasing by 4 per cent.
Bitcoin has been setting new records this month, driven by investor expectations that a second Trump presidency could bring favorable policies for the crypto industry, including supportive regulation and the possibility of a national Bitcoin reserve.
With these optimistic projections, Bitcoin is anticipated to hit $100,000 by the end of this year and potentially double in value by 2025.
“Bitcoin’s price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind,” said Sam Callahan, an analyst at Swan Bitcoin.
A second Trump term is expected to lead to larger budget deficits, higher inflation, and shifts in the international role of the dollar—factors that could benefit Bitcoin’s price.
In 2024, Bitcoin has already surged by more than 127 per cent, reflecting growing investor confidence in the cryptocurrency amid these economic expectations.
