{"id":18527,"date":"2024-11-12T18:57:29","date_gmt":"2024-11-12T16:57:29","guid":{"rendered":"https:\/\/forklog.com\/en\/trumps-victory-seen-as-secondary-factor-in-bitcoins-rise\/"},"modified":"2024-11-12T18:57:29","modified_gmt":"2024-11-12T16:57:29","slug":"trumps-victory-seen-as-secondary-factor-in-bitcoins-rise","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/trumps-victory-seen-as-secondary-factor-in-bitcoins-rise\/","title":{"rendered":"Trump&#8217;s Victory Seen as Secondary Factor in Bitcoin&#8217;s Rise"},"content":{"rendered":"<p>Donald Trump&#8217;s victory in the U.S. presidential election is not the sole factor behind the recent rise in Bitcoin&#8217;s price, according to Jesse Myers, co-founder of Onramp Bitcoin.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If you&#8217;re wondering what&#8217;s happening with <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2026<\/p>\n<p>Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst\u2026<\/p>\n<p>But, that&#8217;s not the main story here. <\/p>\n<p>The main story here is that we are 6+ months post-halving.<\/p>\n<p>And that means a supply shock has\u2026 <a href=\"https:\/\/t.co\/XkwPoPxrj2\">pic.twitter.com\/XkwPoPxrj2<\/a><\/p>\n<p>\u2014 Jesse Myers (Croesus ?) (@Croesus_BTC) <a href=\"https:\/\/twitter.com\/Croesus_BTC\/status\/1855992681689657654?ref_src=twsrc%5Etfw\">November 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The expert noted that the current dynamics are a normal and predictable consequence of Bitcoin&#8217;s halving, which occurred about six months ago. During this time, a shortage of coins has emerged in the market, causing prices to rise under demand pressure. This triggers a chain reaction that is expected to lead to another bubble.<\/p>\n<p>According to Myers, the same happened after every previous halving, suggesting a similar outcome this time. The change in U.S. leadership to a potentially more crypto-friendly administration merely acted as a catalyst.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Btw, gold added $6T to its market cap over the last 12 months, and has hundreds of billions of new and recycled supply coming to market.<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is 1.6T, and absolutely scarce, with holders who have been through hell\u2026many times.<\/p>\n<p>Higher.<\/p>\n<p>\u2014 Checkmate ??\u26a1\u2622\ufe0f?\ufe0f (@_Checkmatey) <a href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1856116698023350642?ref_src=twsrc%5Etfw\">November 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On-chain analyst James Check <a href=\"https:\/\/x.com\/_Checkmatey_\/status\/1856116698023350642\">shares<\/a> Myers&#8217; views. Comparing the leading cryptocurrency to gold, he noted that the precious metal&#8217;s market cap grew by $6 trillion over the past year, despite constant multi-billion-dollar inflows of new and recycled material. Meanwhile, Bitcoin&#8217;s equivalent figure is $1.6 trillion, and its supply is limited, indicating the potential for further growth.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To those not already long <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> (my opinion, not financial advice): it may feel like you missed it, but you didn\u2019t. It\u2019s early. The U.S. will establish Strategic <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Reserve under great Sen. <a href=\"https:\/\/twitter.com\/CynthiaMLummis?ref_src=twsrc%5Etfw\">@CynthiaMLummis<\/a>. Other countries will follow, along with institutional asset\u2026<\/p>\n<p>\u2014 Anthony Scaramucci (@Scaramucci) <a href=\"https:\/\/twitter.com\/Scaramucci\/status\/1856132547035705688?ref_src=twsrc%5Etfw\">November 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Financier Anthony Scaramucci <a href=\"https:\/\/x.com\/Scaramucci\/status\/1856132547035705688\">believes<\/a> that Bitcoin was bound to rise, given the <a href=\"https:\/\/u1f987.com\/en\/news\/senator-cynthia-lummis-proposes-bill-for-us-bitcoin-reserves\">prospect<\/a> of establishing a national cryptocurrency reserve in the U.S. and growing interest from institutional investors. Trump&#8217;s victory merely accelerates this process.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image1-606-1024x571.png\" alt=\"image1-606\" class=\"wp-image-245055\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/image1-606-1024x571.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image1-606-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image1-606-768x428.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image1-606.png 1214w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">2-hour BTC\/USD chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/x\/VDIg3tkg\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of publication, Bitcoin is trading around $86,600.<\/p>\n<p>Previously, former BitMEX CEO Arthur Hayes speculated that Donald Trump&#8217;s policies could lead to a devaluation of the dollar and push Bitcoin to a price of $1 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump&#8217;s victory in the U.S. presidential election is not the sole factor behind the recent rise in Bitcoin&#8217;s price, according to Jesse Myers, co-founder of Onramp Bitcoin.<\/p>\n","protected":false},"author":1,"featured_media":18526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,991,1138],"class_list":["post-18527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-donald-trump","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18527"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18526"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}