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.