Pro-crypto policies ignite Bitcoin momentum: Is $260,000 within reach?
11/19/2024 06:06A pro-crypto administration drives optimism, spurring Bitcoin adoption among corporations and nation-states.
The post-election landscape is setting the stage for a promising year in crypto, with renewed optimism fueled by regulatory clarity and institutional adoption.
Roundtable anchor, Rob Nelson, was joined by Kelly Kellam, Director of BitLab Academy, to discuss predictions for bitcoin's trajectory through the remainder of 2024 and beyond. With a pro-crypto Trump administration coming into office and significant institutional interest, the conversation focused on the potential for bitcoin's continued rise amid a shifting regulatory and investment landscape.
"Certainty in markets is everything for liquidity flow," Kellam explained, highlighting the importance of the election outcome and recent developments like hints of SEC Chair Gary Gensler's potential resignation. "This is an absolute pro-crypto, pro-bitcoin administration," Kellam noted, adding that lawsuits against the SEC and strategic bitcoin reserves being established by nation-states are aligning factors driving momentum.
Kellam also pointed out that companies like Microsoft are exploring bitcoin strategies, which could pressure other tech giants to follow suit. "That put every tech company on notice," he remarked, referencing Microsoft's shareholder vote on adding bitcoin to its balance sheet. Drawing parallels to Michael Saylor's early adoption of bitcoin, Kellam said, "They’re now the best-performing asset out there," suggesting a broader trend among corporations.
MicroStrategy's stock is up a staggering 650% over the last year. On Monday, the company announced it was raising another $1.75 billion to add to the $30 billion it already held.
As for bitcoin's price projections, Kellam offered an optimistic outlook: "VanEck is looking at $180,000 by next year, but we could see something between $240,000 to $260,000." He also predicted a possible double-top scenario akin to 2013, followed by continued growth, driven by institutional and sovereign capital flows. "Every dollar the price goes higher is an incentive for people to take profits, but the capital channels are just too strong to ignore," he concluded.