The momentum is on Bitcoin and crypto\u2019s side, and it wouldn\u2019t be surprising if the price surge continues until the end of the year. One of the biggest drivers of the current performance of Bitcoin is the election of Republican Donald Trump.<\/p>\n
Trump\u2019s rhetoric and friendly pronouncement on crypto helped propel the asset\u2019s price past $76k<\/a>, beating this year\u2019s March record.<\/p>\n Now, many market analysts remain bullish days after the US elections. Thomas Lee, CNBC contributor and the CIO of Fundstrat Capital, even pushed a bolder claim, saying that Bitcoin could trade in six digits by year\u2019s end. Lee states that the current market and political environment favor the top coin and expects more upside for digital assets.<\/p>\n This Friday, the Fundstrat Capital CIO shared his thoughts on Trump\u2019s elections and BTC\u2019s future at CNBC\u2019s Squawk Box. In the same discussion, Lee shared that Bitcoin and most altcoins will have a price rally in the short term.<\/p>\n \u201cIt\u2019s going to be very difficult to fix the deficit with just changes in taxes and spending,\u201d says @fundstrat<\/a>\u2018s Tom Lee. He says bitcoin is \u201cpotentially a Treasury reserve asset. If Bitcoin rises in price, it actually helps offset the liabilities, which is the deficit.\u201d pic.twitter.com\/tVrnE37dhS<\/a><\/p>\n \u2014 Squawk Box (@SquawkCNBC) November 8, 2024<\/a><\/p>\n\n Lee shared that right before the elections, the global markets faced plenty of uncertainties. However, with Trump winning the US elections<\/a> and his favorable proposed policies on Bitcoin, the crypto industry can expect better days.<\/p>\n Lee added that changes in regulations and pro-crypto policies could power the digital asset\u2019s short run. He also credits Trump for his experience as a former president, which can help him better navigate future challenges. With<\/p>\n Trump\u2019s support and a favorable market environment, Lee reflects on his initial target of $150k for BTC,<\/a> saying this is possible.<\/p>\n One of Trump\u2019s campaign promises is to cut the country\u2019s growing budget deficit, which now stands at more than $35 trillion. Lee explained that it\u2019s difficult for Trump to cut taxes and spending to address the deficit.<\/p>\n Instead, Lee sees Bitcoin as the key to solving the country\u2019s growing budget deficit. He sees the potential in BTC as a future Treasury asset, noting its increasing market value over the years.<\/p>\n Interestingly, Trump has also explored the idea, saying that as president, he can arrange the country\u2019s budget woes by handing \u201ca Bitcoin check.\u201d<\/p>\n\nTrump\u2019s Election Boosts Crypto Industry<\/strong><\/h2>\n
Bitcoin, Digital Assets Can Help Offset US Debt<\/strong><\/h2>\n