The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris.
As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals.
‘$13 Million Bitcoin Price Target Is Bearish’
Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about the implications of Trump’s win for Bitcoin and the broader cryptocurrency landscape.
In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election outcome signals a substantial shift in the political landscape regarding cryptocurrency.
Porter stated that after the 2024 presidential election, it is “abundantly clear” that Bitcoin is a “winning issue,” claiming that opposing Bitcoin support is “political suicide,” with a forecast that the United States will lead on BTC.
The Satoshi Act Fund CEO believes that as the global community comes to terms with this reality, a “dramatic” acceleration in Bitcoin adoption will follow.
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In addition to Trump’s victory, the Republican Party has secured a majority in Congress, further enhancing the prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the crypto market to thrive.
This newfound political support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital asset sector. It could also pave the way for the approval and introduction of one of Trump’s key promises: to make BTC a strategic reserve asset for the country.
One of Porter’s most striking comments came just 24 hours after the election when he suggested a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of even higher valuations for Bitcoin shortly.
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