6-Figure ‘Treasury Asset’ Bitcoin Price Possible By Year-End—Market Expert

Christian Encila

8 months ago

3 mins read

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The momentum is on Bitcoin and crypto’s side, and it wouldn’t be surprising if the price surge continues until the end of the year. One of the biggest drivers of the current performance of Bitcoin is the election of Republican Donald Trump.

Trump’s rhetoric and friendly pronouncement on crypto helped propel the asset’s price past $76k, beating this year’s March record.

Now, many market analysts remain bullish days after the US elections. Thomas Lee, CNBC contributor and the CIO of Fundstrat Capital, even pushed a bolder claim, saying that Bitcoin could trade in six digits by year’s end. Lee states that the current market and political environment favor the top coin and expects more upside for digital assets.

BTCUSD price breaches the $76k level. Source: Bitstamp

Trump’s Election Boosts Crypto Industry

This Friday, the Fundstrat Capital CIO shared his thoughts on Trump’s elections and BTC’s future at CNBC’s Squawk Box. In the same discussion, Lee shared that Bitcoin and most altcoins will have a price rally in the short term.

“It’s going to be very difficult to fix the deficit with just changes in taxes and spending,” says @fundstrat‘s Tom Lee. He says bitcoin is “potentially a Treasury reserve asset. If Bitcoin rises in price, it actually helps offset the liabilities, which is the deficit.” pic.twitter.com/tVrnE37dhS

— Squawk Box (@SquawkCNBC) November 8, 2024

Lee shared that right before the elections, the global markets faced plenty of uncertainties. However, with Trump winning the US elections and his favorable proposed policies on Bitcoin, the crypto industry can expect better days.

Lee added that changes in regulations and pro-crypto policies could power the digital asset’s short run. He also credits Trump for his experience as a former president, which can help him better navigate future challenges. With

Trump’s support and a favorable market environment, Lee reflects on his initial target of $150k for BTC, saying this is possible.

Total crypto market cap currently at $2.5 trillion. Chart: TradingView

Bitcoin, Digital Assets Can Help Offset US Debt

One of Trump’s campaign promises is to cut the country’s growing budget deficit, which now stands at more than $35 trillion. Lee explained that it’s difficult for Trump to cut taxes and spending to address the deficit.

Instead, Lee sees Bitcoin as the key to solving the country’s growing budget deficit. He sees the potential in BTC as a future Treasury asset, noting its increasing market value over the years.

Interestingly, Trump has also explored the idea, saying that as president, he can arrange the country’s budget woes by handing “a Bitcoin check.”

Bitcoin Act Gaining Momentum After The US Elections

Before Lee’s comments, there had been discussions on Bitcoin’s growing role in the country’s financial system. Senator Cynthia Lummis filed a bill, the Bitcoin Act, to legitimize the crypto asset as an economic asset.

According to Senator Lummis, Trump’s win will favor the push to make Bitcoin an asset to help combat economic uncertainties. One of the bill’s recommendations was to hold up to 1 million BTC over five years as a hedge against inflation.

Featured image from UpFlip, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.