After climbing to a new all-time high earlier this morning, the Bitcoin price has retraced only slightly after U.S. media outlets have decisively called the 2024 presidential election for Republic Donald Trump.
At the time of writing, the Bitcoin price is sitting just below $74,000 after peaking at a new all-time high of $75,358.70 very early this morning, according to CoinGecko data.
And there’s reason to believe that Bitcoin’s big year—spot ETF approvals, the fourth halving, and now Trump’s victory—could set BTC up for a very strong start to 2025, according to Samir Kerbage, CIO at crypto asset manager Hashdex.
“In the six months that followed the last three presidential elections, Bitcoin has had triple digit returns, and even larger returns over the 12-month period,” he said in a note shared with Decrypt. “This history, along with the strong outperformance that typically follows Bitcoin’s halving, ongoing institutional adoption, and the improving regulatory outlook in the US, has set this asset class up for a very strong 2025.”
But not all analysts are convinced that Trump is going to deliver on the many promises he’s made to secure support from the crypto industry.
“Over the last few months, Trump has pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which has the potential to result in crypto market volatility,” wrote Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, in a note sent to Decrypt. “We have to be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.”
He’s not the first analyst to flag that Trump may not be entirely serious about putting crypto at the forefront of his policies during his second term. Earlier this week, investment research firm Bernstein shared a prediction that even though Bitcoin might have initially dropped with a Harris win that it would have still been well positioned for a strong 2025.
Meanwhile, on crypto betting platform Polymarket, the main betting pool for who would win the U.S. presidential election has already been resolved.
Polymarket CEO Shayne Coplan wasted no time celebrating the triumph of prediction markets over more traditional polls, which right up until the election were forecasting a close race while Polymarket showed Trump widen his lead.
I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.
History was made today.
Surreal
— Shayne Coplan (@shayne_coplan) November 6, 2024
“Trust the markets, not the polls,” Coplan wrote on Twitter. “I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today,” he said in another post.
