According to the president of OKX, the next phase of growth of cryptocurrencies is coming.
Bitcoin’s role as a store of value stands out given its new ATH.
Different actors in the cryptocurrency industry expressed their opinions about the arrival of bitcoin (BTC) yesterday at new all-time high prices (ATH), a milestone that occurred after Donald Trump’s victory in the United States presidential elections was announced.
“Today’s all-time high, driven by Trump’s election victory, indicates that we are in the midst of a possible paradigm shift towards the next phase of cryptocurrency growth,” Hong Fang, president of the OKX exchange, commented yesterday in a note. sent to CriptoNoticias
The specialist indicated that, “as a candidate, Trump sent very bullish signals to the market about the adoption of the cryptocurrency industry and strengthening the status of the United States as a global and regulated cryptocurrency center.” In his opinion, if this is implemented, will have wide repercussions worldwide.
“In processes like this we continue to see how bitcoin takes more and more place and that events of global relevance also have their effect on the bitcoin market and vice versa,” said Julián Colombo, general director of the Bitso exchange in Argentina and director. in Latin America.
The elections in the United States were an event awaited by many people, investors, economists, investment funds in the world and large companies, he explains. The reason is that they can change the development of the country, including the bitcoin ecosystem, especially with the change of political sign that Trump’s victory represents.
During his campaign, Trump not only promised to turn the United States into the capital of the cryptocurrency industry, but also multiple initiatives related to the ecosystem. Among them, it stands out that wants there to be national reserves in bitcoin and that the cryptocurrency mining industry is strengthened. In addition, he will fire Gary Genser, president of the SEC, for having hindered the development of the ecosystem.
“Members of the cryptocurrency community look favorably on a Donald Trump presidency,” said Colombo, who recently said he expects the price of bitcoin to reach six figures. In part, he attributes this to the fact that “there is a lot of expectation for the change of authorities in the regulatory bodies of the United States, mainly in the SEC, whose head Gary Gensler has not had the best relationship with the world of cryptocurrencies.”
Bitcoin gains strength to go for USD 100,000
“In each election in the United States, the cryptoasset ecosystem became more important,” said Sebastián Serrano, CEO and co-founder of the Ripio exchange. Although he clarifies that this is not something isolated from this economic power, but also from elections in other countries.
This occurs “either due to statements or campaign promises specifically related to cryptocurrencies, to the financial and new technology sectors, as well as to the movements with which the market reacts to the candidates’ statements, to the surveys, to the campaigns,” said Serrano.
This is reflected in the flourishing of political memecoins and the prices of cryptoactives, especially in the arrival of bitcoin to a new ATH above $76,000 (USD) with Trump’s victory. “Now it is better profiled in this context to seek its sixth digit and reach the USD 100,000 barrier soon,” said Serrano.
“The fact that Trump has finally been elected again as president of the United States speaks of a certain willingness for more liberal and less restrictive policies in that country, which is one of the main markets in the world by volume and a leading nation in terms of marking the global agenda
Sebastián Serrano, co-founder of Ripio.
Beyond the policies linked to the bitcoin ecosystem, the businessman highlights that Trump’s victory can benefit the formation and development of companies. In this context, those related to cryptocurrencies could be favored by a more predictable environment for investmenthe warned.
Consistently, Ramiro Raposo, VP of Growth at Bitwage, a cryptocurrency fee payment platform, recalled that Trump’s victory in 2016 was an event that shook the markets and coincided with an upward trend in bitcoin.
“At that time, the market showed a positive reaction, driven by an economic environment that favored alternative investments,” he said. Consequently, this suggests optimism about how the outlook can continue in the face of Trump’s second term to begin in January 2025.
“While each election cycle is unique, history suggests that a Trump victory could inject confidence into the crypto market, given his pro-business and pro-deregulation stance,” says the Bitwage executive.
The new ATH exalts bitcoin’s role as a store of value
“Bitcoin’s rise to this new record is a testament to its resilience and attractiveness as a store of value,” said Javier García de la Torre, director of the Binance exchange in Spain and Portugal. “After a period of stabilization, this milestone highlights the continued optimism surrounding bitcoin and its potential for sustainable growth in both traditional and emerging markets,” he added.
It should be remembered, as seen below, that bitcoin was in a consolidation range for seven months. This has been happening since March when it touched USD 73,000, marking an ATH that was surpassed by USD 3,000 yesterday.
“The new all-time high demonstrates the impact of developments and advances within the crypto landscape, and reinforces the growing alignment of digital assets with global financial trends”
Javier García de la Torre, director of Binance.
Looking ahead, the cryptocurrency market remains optimisticas bitcoin’s role in diversified portfolios continues to expand and gain more acceptance, the Binance spokesperson concluded.
With the market’s reaction to the United States election result, “we are seeing a clear increase in interest in cryptocurrencies as a store of value,” commented the CEO of the CryptoMKT exchange, María Fernanda Juppet.
For the leader of such a platform, this shows that bitcoin “is marking a significant change in the global financial ecosystem.” Furthermore, depending on your perspective, this may also be due to the uncertain outlook for US economic and fiscal policies. that promote interest in the currency as a hedging option.
“We could see Bitcoin adoption and price continue to rise as doubts persist about the stability of the dollar and the Fed’s actions,” he said.
Tomorrow the Federal Reserve (Fed), Central Bank of the United States, is expected to cut interest rates by 0.25%, to boost the economy. This decision, which would be the second after the reduction made in August for the first time since the pandemic, increases the available liquidity that can enter the markets.
Bitcoin could repeat the rise at the beginning of the year, warns Bitget executive
“With the victory of Donald Trump and a probable Republican majority in Congress, the path towards favorable policies for cryptocurrencies could be smoother than expected,” said Min Lin, business director of the Bitget exchange.
He elaborates that “the market response has been rapid, with BTC gaining close to 10% in the last few hours, which clearly indicates investor confidence in a more favorable regulatory outlook, also reaching its all-time high.” He attributes much of it to Trump’s intention to have national reserves in bitcoin.
Besides, The capitalization of stablecoins is at an all-time high of USD 160 billion. This “strengthens market stability and provides the basis for a sustained rebound throughout the sector,” said the Bitget manager.
“This context creates a promising situation where, if supportive policies for cryptocurrencies are implemented, we could see the market replicate BTC’s impressive performance earlier this year.” [subida de 70%]”
Min Lin, Chief Business Officer of Bitget.
However, the specialist made the caveat that, although a Republican-led Congress could reduce certain regulatory obstacles, political initiatives often require nuanced negotiations and may be subject to procedural delays.
Therefore, he pointed out that investors remain cautiously optimisticunderstanding that significant legislative changes may take time to materialize despite a promising environment.
This is something that Felipe Vallejo, director of public affairs at the Bitso exchange, also emphasized. “Despite the euphoria, it is important to know how the North American economy will develop in the coming months, in a global context of extremely important geopolitical situations,” he said.
Although, regardless of what happens, “what does seem inevitable is that cryptocurrencies will be increasingly relevant in the economy on a global scale,” he stressed. He attributes this to the fact that its access is free and that, in very few steps, anyone can buy, store, send or receive bitcoin.
“The real risk seems to be in staying out of this trend,” concluded Vallejo, expressing this thought that seems to dominate market sentiment.
