United States President-elect Donald Trump has expressed a bullish sentiment on bitcoin (BTC), predicting that the world’s largest crypto by market capital will skyrocket beyond anyone’s expectations. The remarks came during a recent speech in which he discussed the country’s financial sector.
Trump noted that as America begins to rebuild its economy, the country will prosper, and bitcoin will soar. He also said that the U.S. once had the most outstanding economy, and under his administration, it will be “great again.”
In explaining Bitcoin’s progress, he stated that during his first four years as president, BTC rose by over 3,900%. However, following Trump’s speech, the crypto asset declined, changing hands at over $94,500 from its all-time high of over $105,000.
Will BTC Recover From the Fall?
Over the past week, the crypto market has seen a sharp decline. The leading cryptocurrency is trading between $92,000 and $95,000. This panic among traders and investors has led to asset sell-offs.
Online liquidation tracker Coinglass also revealed that bullish leverage traders had lost over $570 million. In comparison, spot Bitcoin exchange-traded funds (ETF) narrowly escaped a bearish day with just $52 million in inflows the day before.
While BTC continues to dip, investors see the moment as an opportunity to acquire more bitcoins. Renowned financial author and investor Robert Kiyosaki noted that he would continually purchase BTC, explaining that there are less than 2 million more bitcoins to be mined.
With an optimistic outlook, the crypto-enthusiastic entrepreneur has also predicted that BTC’s price will hit between $170,000 and $350,000 this year, highlighting the significance of investing heavily in the asset.
Oklahoma Proposes a BTC Integration
Some investors, entities, and states have proposed adding BTC to their frameworks despite the market drawbacks. For instance, on January 9, 2024, Oklahoma State Senator Dusty Deevers introduced the Bitcoin Freedom Act (SB325), a legislative proposal to integrate BTC into the state’s financial framework. The bill seeks to empower employees to receive salaries in BTC and allow businesses to accept BTC as payment.
Deevers noted that SB325 guarantees that participation remains completely optional, adhering to “free-market principles” and allowing employees, employers, and businesses to select their preferred payment methods.
