Todd Gordon, founder of Inside Edge Capital, has predicted that Bitcoin (CRYPTO: BTC) could surpass the $100,000 mark this year, amid the formation of a pro-crypto presidential ticket featuring Donald Trump and J.D. Vance.
What Happened: On Monday, Gordon expressed his bullish outlook on Bitcoin during CNBC's "Last Call."
"I see no reason that we can't hit over $100,000 this go around," he stated, citing the pro-crypto stance of the potential Trump-Vance presidential ticket as a contributing factor.
"Along with the market, and provided the interest rates, the regulatory backdrop...we should be able to make that move this year."
"I see no reason that we can't hit over $100,000 this go around," says @ToddGordonTA on #Bitcoin as Trump and Vance create a pro-crypto presidential ticket. "We should be able to make that move this year." $BTC pic.twitter.com/WqUAqP5qOR
— Last Call (@LastCallCNBC) July 16, 2024
This prediction comes in the wake of Bitcoin's value soaring past the $60,000 mark following an assassination attempt on Trump.
Why It Matters: Trump's known pro-crypto stance has led to speculation about his chances of re-election, which seem to be on the rise. His choice of a pro-crypto running mate has been viewed as a positive move by many in the crypto community. Trump's announcement came during the Republican National Convention, causing a stir in the political and financial spheres.
Furthermore, Vance's pro-crypto leanings and his significant Bitcoin holdings could influence future legislation in favor of cryptocurrencies.
Analysts at Bernstein have suggested that Bitcoin miners could enjoy a "Goldilocks scenario" influenced by the "Trump factor." This scenario includes a higher likelihood of pro-Bitcoin political change and the U.S. becoming a focal point for Bitcoin miners. Bitcoin's price initially fell after the assassination attempt but rebounded strongly, a move some have dubbed the "Trump pump."
- Bitcoin, Ethereum, Dogecoin Extend Rally Triggered By Failed Trump Assassination Attempt: Analyst Calls Pullback To $60K As King Crypto's Next 'Big Test'
Image via Midjourney
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari