We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. Learn more.

Editor:
Published: Nov 14, 2024 6 min read

Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.

Photo Illustration of Bitcoin coins with string in the background
Money; Getty Images

Bitcoin is setting record after record on a huge post-election run, and its price is now getting into the vicinity of $100,000 — an achievement that would be one of the biggest milestones in cryptocurrency history.

On Thursday, Bitcoin was trading around $91,000 after briefly surpassing $93,000 for the first time ever on Wednesday. Meanwhile, momentum from President-elect Donald Trump's win hasn't slowed: This week, Trump announced Tesla CEO and crypto enthusiast Elon Musk will co-lead a department of government efficiency, or "DOGE," a nod to the Musk-favorite memecoin of the same name.

Crypto insiders are now getting excited about the possibility of six-digit bitcoin pricing, which many see as imminent. But with the volatility of an asset like bitcoin, there's still an awareness that nothing is guaranteed.

“A rally towards $100,000 by early to mid-December is plausible, potentially followed by a typical market correction as investors rebalance and take profits,” Martin Leinweber, director of digital asset research at MarketVector Indexes, told Money.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
A Crypto Wallet is your key to the world of cryptocurrency
Store all of your crypto and NFTs in one place with ZenGo. Select your state to download yours today!
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Download Wallet

Why is bitcoin's price surging?

The crypto industry and President Joe Biden's administration have battled over regulation and clashed in the courts. Vice President Kamala Harris, who ran against Trump, didn't give crypto issues top billing in her campaign, leading some to fear a continued crypto crackdown if she won.

Trump, on the other hand, courted the crypto world during his campaign and received major donations from industry executives. Trump and his sons are also involved with a crypto venture of their own: a token called World Liberty Financial.

With his victory, investors have newfound optimism knowing the next presidential administration is likely to take a pro-crypto approach. Changes in leadership at the Securities and Exchange Commission and other government agencies could mean less regulation and oversight of cryptocurrency, for example.

"Investors are seeing the headwinds that crypto has been fighting for years suddenly dissipate. In many instances, the headwinds (like an adversarial SEC and anti-crypto administration) are shifting to tailwinds, set to propel the industry forward for the next four years," Ryan Rasmussen, head of research at Bitwise, writes in an email.

Rasmussen says it's not too late to get in on the crypto rally. He's looking beyond a $100,000 price target and predicts bitcoin trending to $200,000 in 2025. However, buying bitcoin at high valuations has backfired for many investors in the past, and large price swings in the other direction are possible given the asset's extreme volatility.

When could bitcoin hit $100K?

A year ago, bitcoin was trading around $37,000. Prices have surged over 150% since then, hitting $40,000 on Dec. 3, 2023, $60,000 on Feb. 28 and $80,000 on Sunday. The overall crypto market cap surpassed $3 trillion earlier this week for the first time since 2021.

Given this pace, Markus Thielen, CEO of the cryptocurrency research company 10x Research, has predicted a $100,000 value for bitcoin by Christmas.

“With Trump’s inauguration scheduled for Jan. 20, 2025, the market is likely to anticipate his follow-through on crypto promises,” including a transition to a less aggressive regulatory framework, he wrote in a brief. Fewer rules, of course, equal more freedom for crypto investors — many of whom were drawn to the asset in the first place because it's decentralized.

Prior to the 30%-plus price spike in the days since the election, bitcoin was already on a good run this year. The bitcoin halving event, which drove up prices and reduced rewards for bitcoin mining, as well as the introduction of bitcoin ETFs, which made crypto investing accessible to a more mainstream audience, are often cited as factors that have jolted prices in 2024.

Remember: Bitcoin is volatile, and its price could always slide backwards. For example, after Bitcoin hit $68,790 in November 2021, the price fell about 78% to under $17,000 — and took years to climb back up.

That said, the traditional stock market also reached record highs this week. The S&P 500 is around 6,000 and up over 32% from a year ago. Expectations for less taxation and a friendlier business environment under longtime magnate Trump are fueling stock gains. Overall, sentiment among investors is upbeat.

"For years, working and investing in crypto has felt like an uphill battle. But, at a minimum, that hill is leveling out," Rasmussen said. "And in a best case scenario, we’re likely coasting for a while."

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer

Compare Crypto Wallets Today

Purchase crypto securely - directly to your wallet

  • Powered by MPC cryptography 
  • 3-factor-authentication recovery model
  • Secure wallet recovery - never worry about losing your seed phrase again
  • 24/7 live in-app support.

No KYC Crypto Wallet that provides early access to new token launches

  • Multi chain, multi wallet support, ability to buy crypto with fiat
  • Exclusive access to new meme coin tokens and fair launches
  • Staking and airdrop rewards with the native $BEST token

Supports 100,000+ crypto assets

  • Free and easy-to-use mobile app and browser extension
  • Integrated to Coinbase crypto exchange and other major decentralized exchanges
  • Safe storage for Ethereum and Polygon NFTs
  • Enhanced security features such as two-factor authentication and biometric authentication technology

     

Discover new tokens before they’re listed on other platforms

  • Trade cryptocurrencies with a unique one step process
  • Buy, sell, exchange and hold 300+ digital assets*
  • Robust security measures

*Capital at risk. Terms apply.

Only–hardware wallet to use a Secure Element 

  • Protection from online hacks, malware and software attacks
  • Capable of generating private keys and creating blockchain accounts
  • Companion tools that allow you to navigate the blockchain ecosystem with confidence
  • Protect your private keys in an offline environment 

More from Money:

11 Best Crypto Wallets of November 2024

Why Bitcoin, Bank Stocks and More Are Surging After Trump's Win

The Number of Bitcoin Millionaires Doubled in the Last Year

Ads by Money. We may be compensated if you click this ad.Ad
Take control of your investments with Zengo