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The recent increase in the price of bitcoin is due to a combination of factors, including the political backing of a cryptocurrency-friendly administration and an economic outlook marked by possible inflationary pressures.
The world’s most popular cryptocurrency hit a new all-time high, surpassing US$94,800 on wednesday morning, november 20, up 2% from the previous day. Analysts estimate that bitcoin could reach US$120,000 by the end of march 2025.
Different economic groups predicted weeks ago that bitcoin would reach US$100,000 after Donald Trump’s re-election as president of the United States. Now, with the sustained growth of the cryptocurrency, their expectations have been revised upwards.
These projections coincide with a time when bitcoin is consolidating its position as a safe-haven asset amid global economic uncertainties.
U.S. President-elect Donald Trump has been labeled as an advocate of cryptocurrencies, promoting a regulatory framework that will boost their adoption and development. His administration is anticipated to implement policies that could further stimulate the growth of the sector.
The recent rally in bitcoin’s value is primarily driven by two elements: market confidence in the face of a pro-crypto administration and the interest of both institutional and retail investors in alternative assets that offer inflation protection.
