Bitcoin’s Path to $100,000 is Straight Ahead

What Happened?

As we write, the Bitcoin price is $98,215.

By the time you read this article, there’s a fair chance it will be above $100,000.

For crypto enthusiasts and crypto doubters alike, it’s a stunning story. For an asset that many folks still insist is a ‘Ponzi scheme’ or an outright fraud… it certainly has made its fair share of millionaires.

But with Bitcoin in striking distance of the ultimate psychological level — $100,000 — it’s time to look at what this means for investors and ultimately, what it will mean for national governments and central banks.

Why it Matters

The incoming Trump administration looks set to be the most pro-crypto government since Bitcoin was created back in 2009.

As Bloomberg News reports:

‘Trump’s transition team has begun to hold discussions over whether to create a White House post dedicated to digital-asset policy. The industry is pitching for the position — which would be the first of its kind in the US — to have a direct line to the president-elect, who is now one of crypto’s biggest cheerleaders.’

Remember, President Trump attended and spoke at the Bitcoin 2024 conference in Nashville, Tennessee earlier this year. Robert F. Kennedy Jr. spoke there too. And when Trump courted the Libertarian Party at one of that party’s gatherings, the main item in Trump’s speech was about Bitcoin.

Not to mention that one of President Trump’s closest advisors is Elon Musk, who was famously part of the hype surrounding Dogecoin — a not-entirely serious speculative cryptocurrency.

This is all a far cry from the anti-crypto stance taken by the current administration. Especially when you consider the steps Securities & Exchange Commission chairman, Gary Gensler has taken to prosecute cryptocurrency projects.

Importantly, as a political appointee, Gensler will likely leave his post as S.E.C. chairman on or around January 20^th next year. Whoever replaces him, it’s almost certain he or she will have more of a pro-crypto stance.

So, what does this all mean?

How it Affects You

Despite all the negative commentary around Bitcoin and cryptocurrencies, there’s little doubt Bitcoin at least, has reached the mainstream.

An example of how far the industry has come is the fact that 12 Bitcoin ETFs approved by the S.E.C. now have more than $100 billion in total assets. At the beginning of the year, those same Bitcoin ETFs only held $29.4 billion in assets.

As for what investors should do now. Most crypto experts would tell you to stay in the game — providing you’ve only invested money you can afford to lose. The most bullish of Bitcoin experts have targets of $300,000. Some have even higher goals of $500,000 or even a million dollars.

Whether Bitcoin gets there or not is something we’ll have to wait to see. It has been a bumpy ride to get just this far. The path to $500,000 or more (if it gets there) is likely to follow a similar pattern.

It won’t be a straight line upwards. We can say that for sure.