CNBC Says Bitcoin Could Reach $100,000 Before Donald Trump’s Inauguration

Media outlet CNBC has reported that Bitcoin could trade at six figures before the 47th US presidential inauguration on January 20.

Journalist Mackenzie Sigalos broke the latest crypto market update on Wednesday, as Bitcoin jumped to unprecedented heights on reports that Donald Trump has emerged as the winner of the November 5 elections.

While stating that the positive crypto market reactions are tied to the investor outlook for a more friendly environment for digital assets, Sigalos gave near-term Bitcoin price expectations. According to her, multiple analysts have asserted that the premier asset would trade at $100,000 before Trump is sworn into office in January 2025.

Bitcoin to $100,000 by January

The CNBC report aligns with price expectations from analytical firm Copper Research. In a recently released market analysis, the firm stated that Bitcoin would trade at $100,000 before Donald Trump assumes office.

Copper Research tied its price predictions to the surging clamor among US investors for Bitcoin exposure through spot ETFs. Notably, inflows into the Bitcoin products have reached a fever pitch as the funds recorded a net inflow of $621 million on Wednesday.

The analytical firm back-tested the ETF accumulation trend against the probable Bitcoin price, concluding that Bitcoin could reach $100,000 by January 2025. Copper Research also asserted that the US ETFs would hold 1.1 million bitcoins on the said date.

Optimism Driving Price Upsurge

Following Trump’s win, crypto industry leaders have expressed optimism that he will deliver on his promises to the sector. For instance, Ripple’s CEO Brad Garlinghouse has asked Trump to keep his promises of firing SEC chair Gary Gensler on day one and give the sector regulatory clarity.

Coinbase Chief Legal Officer Paul Grewal has also urged the President-elect to investigate the current regulatory issues and encourage the SEC to adopt a more friendly approach to cryptocurrencies.

Optimism grew further when Senator Cynthia Lummis stated the new administration would keep to its national Bitcoin stockpile promises. In a tweet on Wednesday, she noted that the US government would erect a US strategic Bitcoin reserve, building on the $15 billion worth of the asset it already holds.

Meanwhile, this optimism has driven Bitcoin and altcoins to massive gains. For context, Bitcoin reached a new all-time high of $76,460 on Wednesday, while Ethereum and Solana surged to $2,877 and $191.5, respectively.

At press time, Bitcoin has retraced slightly to trade at $74,761. Meanwhile, ETH and SOL exchange hands at $2,821 and $187.77.