Trump’s Victory Seen as Secondary Factor in Bitcoin’s Rise

Donald Trump’s victory in the U.S. presidential election is not the sole factor behind the recent rise in Bitcoin’s price, according to Jesse Myers, co-founder of Onramp Bitcoin.

If you’re wondering what’s happening with #Bitcoin…

Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…

But, that’s not the main story here.

The main story here is that we are 6+ months post-halving.

And that means a supply shock has… pic.twitter.com/XkwPoPxrj2

— Jesse Myers (Croesus ?) (@Croesus_BTC) November 11, 2024

The expert noted that the current dynamics are a normal and predictable consequence of Bitcoin’s halving, which occurred about six months ago. During this time, a shortage of coins has emerged in the market, causing prices to rise under demand pressure. This triggers a chain reaction that is expected to lead to another bubble.

According to Myers, the same happened after every previous halving, suggesting a similar outcome this time. The change in U.S. leadership to a potentially more crypto-friendly administration merely acted as a catalyst.

Btw, gold added $6T to its market cap over the last 12 months, and has hundreds of billions of new and recycled supply coming to market.#Bitcoin is 1.6T, and absolutely scarce, with holders who have been through hell…many times.

Higher.

— Checkmate ??⚡☢️?️ (@_Checkmatey) November 11, 2024

On-chain analyst James Check shares Myers’ views. Comparing the leading cryptocurrency to gold, he noted that the precious metal’s market cap grew by $6 trillion over the past year, despite constant multi-billion-dollar inflows of new and recycled material. Meanwhile, Bitcoin’s equivalent figure is $1.6 trillion, and its supply is limited, indicating the potential for further growth.

To those not already long #Bitcoin (my opinion, not financial advice): it may feel like you missed it, but you didn’t. It’s early. The U.S. will establish Strategic #Bitcoin Reserve under great Sen. @CynthiaMLummis. Other countries will follow, along with institutional asset…

— Anthony Scaramucci (@Scaramucci) November 12, 2024

Financier Anthony Scaramucci believes that Bitcoin was bound to rise, given the prospect of establishing a national cryptocurrency reserve in the U.S. and growing interest from institutional investors. Trump’s victory merely accelerates this process.

At the time of publication, Bitcoin is trading around $86,600.

Previously, former BitMEX CEO Arthur Hayes speculated that Donald Trump’s policies could lead to a devaluation of the dollar and push Bitcoin to a price of $1 million.