The first thing to be done could skyrocket the price of Bitcoin! What can the crypto market expect during the Trump era?

Discussions about what to expect from the crypto market in the new era following the election of Donald Trump as the 47th President of the United States have intensified. With numerous promises ranging from appointing a crypto-friendly SEC Chairman to easing Ross Ulbricht's sentence and establishing a national strategic Bitcoin reserve, Trump has stirred the market even with just discussions.

Trump's new crypto-friendly stance adopted in this year's campaign has made crypto policy a serious election issue for the first time, bringing a series of promises to the sector. Among these promises were the removal of SEC Chairman Gary Gensler, the easing of the life sentence of Silk Road founder Ross Ulbricht "from day one," the establishment of a Crypto Presidential Advisory Council, the repeal of SAB 121, the termination of "Operation Choke Point 2.0," transforming the U.S. into a "power center" for Bitcoin mining, and the creation of a national strategic Bitcoin reserve.

However, the extent to which these promises will be implemented remains a question mark. You can find detailed information about Donald Trump's promises regarding Bitcoin and the cryptocurrency market at the link below:

Bitcoin could be valued like gold

The plan to create a Bitcoin reserve, which stands out among the promises, has been interpreted by many critics and analysts. James Butterfill, Head of Research at CoinShares, stated that such a move would position Bitcoin like gold, secure it a place in the national reserve, and take a historic step towards legitimacy, saying, "If implemented, the Bitcoin Law could provide significant institutional and governmental interest in Bitcoin, potentially accelerating its growth and taking its value to new heights."

According to Bitwise CIO Matt Hougan, among Trump's other policy promises, the termination of "Operation Choke Point 2.0," which restricts cryptocurrencies' access to the traditional banking system, and the potential repeal of the controversial SEC bulletin SAB 121 would open the door for traditional banks to take on more cryptocurrency companies as clients and to own and store Bitcoin themselves.

A new role for Elon Musk

Trump's proposal to appoint his billionaire supporter Elon Musk to lead a new "Department of Government Efficiency" tasked with reducing federal spending by about $2 trillion has emerged as another notable promise. It is emphasized that a loose monetary policy would be necessary for such a scenario to be realized.

What awaits the crypto market during Trump's term?

BRN analyst Valentin Fournier stated, "Trump's election presents a strong bullish scenario with expectations that the upcoming interest rate cuts and global stimulus will further invigorate the economy and support Bitcoin's performance. Although Trump will only take office in January, we expect Bitcoin to remain strong until the end of the year." He also noted that the recent rise in ETH is not sustainable and that Bitcoin will reclaim its leadership.

The first thing to do could skyrocket Bitcoin's price!

Ryan Lee, Chief Analyst at Bitget Research, said, "If the first thing to happen after Trump's re-election is that sidelined funds enter the market out of fear, it could drive the BTC price to new heights." He added:

BTC ETFs may see net inflows in the upcoming trading days, indicating that Wall Street institutions are optimistic about the market outlook. The long-short ratio of accounts in the futures market is below 1, showing that institutional investors in the crypto market are taking long positions through futures. The market is currently in consensus on taking long positions.

One point that analysts agree on is that Bitcoin could approach $90,000 by the end of the year and reach a target of $200,000 in a bull cycle by 2025. While the potential scenarios awaiting the crypto market after Trump are currently like this, we will see the real moves together in the upcoming process.