Last year, Bitcoin experienced a considerable lift, beginning with the introduction of spot Bitcoin exchange-traded funds (ETFs) that started trading in January, followed by a halving event in April that reduced the supply of the world’s leading cryptocurrency.
Institutional investors helped solidify Bitcoin’s status as a mainstream asset, propelling prices to new peaks, including reaching $100,000 in early December after Donald Trump’s victory in the US presidential election on November 5.
The crypto-friendly billionaire is likely to revisit his campaign promises aimed at making the US the “crypto capital of the planet” and establishing a Bitcoin strategic reserve.
Nirun Fuwattananukul, CEO of Gulf Binance—a Thai joint venture with the world’s top crypto exchange and SET-listed Gulf Energy Development—mentioned that Trump’s second term, unlike his first, will be backed by a Republican majority in both the Senate and House of Representatives.
“This gives him the ability to effectively implement his campaign policies. His campaign advisors, particularly Elon Musk and Robert F. Kennedy Jr., are also very supportive of Bitcoin, which makes these pledged policies likely to be enacted,” he remarked.
As of December 23, Bitcoin ETFs reported net inflows exceeding $36 billion for 2024, according to data from Farside Investors. Crypto asset manager Bitwise anticipates that inflows for spot Bitcoin ETFs in 2025 will remain consistent with last year’s levels.
Following record highs, a short-term pullback at resistance levels was expected, leaving many traders wondering whether this is the right time to purchase or if they should wait for further consolidation, according to Gulf Binance.
Bitcoin is trading at approximately $98,000, with the total cryptocurrency market cap estimated at $3.26 trillion.
On a local level, former Prime Minister Thaksin Shinawatra has welcomed Bitcoin’s growing recognition globally and suggested the establishment of a Bitcoin sandbox for tourism purposes, allowing cryptocurrency payments in Phuket.
Colin Wu, a Chinese cryptocurrency reporter and blogger, reported that Thaksin has expressed confidence in Bitcoin’s price skyrocketing to $850,000 soon.
Bitwise forecasts Bitcoin will exceed $200,000 for the first time in 2025, potentially rising to $500,000 if the US government adopts Republican Senator Cynthia Lummis’s proposal to purchase 1 million Bitcoin for a strategic reserve.
“We are likely to witness the US rebuilding and expanding the industry after many companies relocated overseas in recent years,” Mr. Nirun stated.
“With increased capital investment and supportive regulation, I believe the crypto sector will experience significant growth in the near future.”
Moreover, if the US remains favorable toward cryptocurrency, it is anticipated that other major countries will follow suit to maintain competitiveness, he added.
