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The bitcoin price has topped $65,000 after the world’s largest asset manager BlackRock got the green light for a fresh bitcoin game-changer and Federal Reserve chair Jerome Powell issued a “radical” bombshell.
Now, as fears swirl over the future of the U.S. dollar, traders are suddenly betting the bitcoin price could surge to $100,000 in the aftermath of the U.S. presidential election.
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Federal Reserve chair Jerome Powell has helped the bitcoin price soar this year, following through … [+]
Bitcoin options interest “has been building mostly around the round figure of $100,000,” Geoffrey Kendrick, head of crypto research at Standard Chartered, wrote in an emailed comments.
“Notably the build out has come at a more rapid pace than can be explained just by the fact that bitcoin prices are higher. Indeed the jump in open interest at the $100,000 strike that has come this week indicates something else is driving participants.”
The bitcoin price rally comes after U.S. vice president and 2024 Democratic Party nominee Kamala Harris said that if she wins the White House in November, she would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” according to a Bloomberg report of a Wall Street fundraiser.
“The most likely, from a timing perspective, is vice president Harris’ comments on Sunday where she said she would encourage crypto businesses. These comments suggest either outcome on 5 November will end up being bitcoin positive,” Kendrick wrote, pointing to the bitcoin and crypto market leading “the pack in terms of performance for the first time in a while” following the Fed’s historical interest rate cut last week as evidence of growing positive sentiment.
Kendrick has predicted the bitcoin price will surge to $125,000 per bitcoin if former U.S. president Donald Trump wins the election but will still climb to $75,000 if Harris wins.Trump has fully embraced bitcoin and crypto this year, promising to create a U.S. bitcoin strategic reserve if he’s elected and backing his a crypto project led by his sons Don Jr and Eric.
“A Harris victory would likely trigger an initial price decline, but we would expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold,” Kendrick wrote in an emailed note earlier this month.
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The bitcoin price has rocketed higher this year, climbing beyond its 2021 peak to hit a fresh … [+]
Trump has fully embraced bitcoin and crypto this year, promising to create a U.S. bitcoin strategic reserve if he’s elected and backing his a crypto project led by his sons Don Jr and Eric.
“A Harris victory would likely trigger an initial price decline, but we would expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold,” Kendrick wrote in an emailed note earlier this month.
Harris’ muted endorsement of crypto failed to spur much support from the crypto community, with Galaxy Research’s Alex Thorne posting to X that he doesn’t “see any material difference from Harris (or her advisor Brian Nelson a few weeks ago) that offers cause for celebration.”
However, some welcomed the statement as a step forward. “Progress is progress, it needs to start somewhere, and should be encouraged. A positive statement on the tech is more than we got under [the] Biden and Trump presidency,” Hayden Adams, the chief executive of decentralized exchange Uniswap, posted.