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Pundit Says Anyone Not Leading You to XRP is Misleading You

Abdulkarim Abdulwahab
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Pundit Says Anyone Not Leading You to XRP is Misleading You

Crypto commentator Julius Rose has boldly asserted his strong belief in XRP, suggesting that anyone in the crypto market not guiding others toward XRP is likely misleading them.

Rose shared this sentiment in a post on X on Friday, coinciding with XRP’s surge to a five-week high of $0.57. As of press time, XRP is trading at $0.5521, up 7.6% over the past week.

His statement that anyone not leading others to XRP is misleading them underscores his confidence in the asset’s long-term potential despite XRP’s relatively underwhelming performance in recent years. 

While XRP has been a laggard compared to other cryptocurrencies, Rose’s perspective offers optimism for long-term holders, especially as some in the XRP community express frustration with the asset’s recent price action.

XRP Price Action in Recent Times

XRP’s weekly gain of 7.6% is modest compared to rivals like Solana (SOL) and Ethereum (ETH), both of which have posted impressive weekly gains of over 21%. On a monthly basis, SOL and ETH have risen by 50% and 30%, respectively, while XRP has increased by just 3%.

When looking at year-to-date performance, XRP is down by 10%, whereas Solana has surged by 97%, and Binance Coin (BNB) has gained 101% in the same period. This disparity has led to frustration among XRP holders, with critics using the underperformance to argue that XRP has limited potential in the current bull market.

Ripple CEO Optimistic About XRP’s Future

Despite these challenges, Ripple CEO Brad Garlinghouse has recently expressed optimism about XRP’s future. He believes regulatory changes under a potential Donald Trump administration could help XRP regain momentum. 

Garlinghouse criticized the U.S. SEC’s lawsuit against Ripple, which has hindered XRP’s growth. He believes the incoming Trump administration’s crypto-friendly stance—especially Trump’s plan to replace SEC Chair Gary Gensler—could remove these obstacles. 

Garlinghouse reflected on XRP’s past highs and expressed confidence that the asset could regain prominence in the market. The XRP community is also hopeful, with many seeing 2025 as a potential turning point for the digital asset.

A Critical Look at Julius Rose’s Optimism

It is worth noting that Julius Rose’s recent statement that anyone not leading people toward XRP is “misleading” them may be somewhat sarcastic. Rose has a history of criticizing XRP. Just two days ago, he argued that XRP would not reach a new all-time high in 2024, telling optimistic holders, “Sorry.” 

In a more recent post, he even suggested the possibility that XRP might not hit a new all-time high in 2025, either.

VanEck CEO Jan Van Eck Says Bitcoin Will Hit $300,000

Elendu Benedict
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Jan Van Eck, CEO of leading asset manager VanEck, has predicted that Bitcoin will eventually trade at $300,000, noting it is a reasonable and conservative assertion.

Bitcoin’s upthrust frenzy has attracted global interest, with investors looking to leverage the premier asset’s growing relevance. Following its persistent break to new highs, Bitcoin is one of the most talked-about investment tools at the moment.

Meanwhile, speculation has peaked recently, with several market experts increasingly discussing Bitcoin’s price outlook in the near future. For instance, Fundstrat’s CIO predicted that Bitcoin would trade at six figures before the end of the year.

Van Eck CEO Gives Bitcoin Price Outlook

Amidst the growing interest, CNBC reached out to leading asset manager Van Eck’s CEO, Jan Van Eck, for his input on Bitcoin’s near-term price expectation. In an interview on Friday, Van Eck speculated that Bitcoin will ultimately surge to $300,000.

The CEO based his “reasonable, base assumption” on the pioneering cryptocurrency attaining half of gold’s market cap. He noted that Bitcoin is digital gold and would at least reach half of all the precious metal’s valuation.

Notably, Van Eck stressed that this was conservative, noting a Bitcoin maximalist would have given a more ambitious price outlook. He said it was a base call for Bitcoin, insinuating the asset could outperform his $300,000 speculation.

Furthermore, Van Eck stated that one of Bitcoin’s biggest wins this year is the pent-up demand from individual and institutional investors for the US spot exchange-traded funds. The glaring traction towards Bitcoin products was seen in Thursday’s staggering single-day inflow of $1.37 billion.

The CEO added that Bitcoin’s growing relevance, as seen in the just concluded elections, was also a huge catalyst for the sector’s growth. Concerning indicators of this growing traction, he pinpointed Trump’s presence at the Bitcoin conference in Nashville earlier in the year and how digital assets became a talking point in the Ohio Senate race.

Van Eck Says Now is a Good Entrypoint for Ethereum

Van Eck digressed slightly to discuss other alternative plays to Bitcoin. He mentioned assets like Coinbase’s COIN and Ethereum but noted that the latter is a good buy for “those who understand its business proposition.”

The VanEck CEO asserted that stablecoins would take over the global payment system, and Ethereum would benefit largely from that. He further insisted that despite recent price performance, Ethereum will grow extensively in the near term.

Van Eck noted that Ethereum has recently been a contrarian play. However, considering its potential, he stated that now is the best time to buy into the second-largest cryptocurrency by market cap.

Meanwhile, Ethereum broke past the $3,000 price mark on Saturday, trading at $3,037 at press time. The altcoin king has recently rebounded strongly from its woes, gaining 21% in the past seven days.

Expert Predicts Shiba Inu Price if Total Market Cap Hits $10T

Abdulkarim Abdulwahab
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Expert Predicts Shiba Inu Price if Total Market Cap Hits $10T

A market commentator predicts that the value of Shiba Inu could soar by 950% if the global crypto market cap hits $10 trillion.

The crypto bull market is gaining momentum as Bitcoin continues to set new all-time highs. For the past five days, fresh records have been made every day, fueling the rise of altcoins like Shiba Inu.

In the last 24 hours, the global crypto market cap reached $2.62 trillion, up 4.6%, meaning $120.8 billion in fresh capital entered the market. This surge coincided with Bitcoin’s new peak at $77,200 last night.

While Bitcoin has largely dominated the spotlight in this bull market, altcoins like Shiba Inu are gradually catching up. Shiba Inu hit an intraday high of $0.00001931, marking an 8% gain over the past week.

Crypto Market Projected to Hit $10 Trillion

With the global crypto market cap now above $2.61 trillion, notable analysts are issuing bold predictions about the future of the market and the potential for top altcoins like Shiba Inu.

Market commentator HorBull, in a post on X, emphasized that the crypto market has a long way to go before reaching his projected $10 trillion market cap. According to him, a $10 trillion global crypto cap is attainable during this bull cycle.

Notably, a market cap of $10 trillion would likely see Bitcoin’s valuation at around $5 trillion, as it typically commands over 50% of the total market. In this scenario, Bitcoin’s price would likely approach $250,000.

Meanwhile, this optimistic scenario will give the altcoin market a $5 trillion valuation. For context, the altcoin market is currently worth around $1.2 trillion. This suggests HorBull expects about $3.8 trillion to flow into the altcoin market over the next year as the bull cycle progresses. With this ambitious outlook, he highlighted the potential for Shiba Inu’s price.

Shiba Inu Price with a Global Crypto Cap of $10 Trillion

According to HorBull, Shiba Inu could reach a price of $0.0002 in the event of a $10 trillion global market cap, which would mean Shiba Inu would “remove a leading zero” from its current price. At its current price of $0.00001903, Shiba Inu has a market cap of $11.21 billion.

A price of $0.0002 would elevate Shiba Inu’s market cap to approximately $118 billion. Many market experts, including Jake Gagain, have argued that Shiba Inu could surpass the $100 billion market cap during this cycle.

Notably, for Shiba Inu to reach a price of $0.0002 from its current price, the asset would need to increase by 950%, or nearly 10x its current value.

Other market watchers agree that Shiba Inu could hit $0.0002 by next year, given its explosive potential. Some have even suggested it could surpass that level during this bull cycle. 

Shiba Inu demonstrated this potential earlier this year when it soared by 370% in under two weeks during the first quarter.

Whales Move 1,675,841,120,949 Shiba Inu to Coinbase at Once: Here’s What We Know

Sam Wisdom Raphael
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Whales Move 1,675,841,120,949 Shiba Inu to Coinbase at Once: Here’s What We Know

Intrigue has enveloped the Shiba Inu community as whales recently sent over 1.67 trillion SHIB tokens to America’s largest crypto exchange Coinbase.

Market tracking platform Whale Alert first spotlighted the transactions, confirming that exactly 1,675,841,120,949 (1.675 trillion) SHIB tokens moved from three separate whale addresses to a central Coinbase wallet yesterday. 

Details of the Shiba Inu Movements 

For context, the Shiba Inu market saw the transfer of 558,613,706,983 (558 billion) SHIB tokens from 0x0…9f8, an unknown whale address, to Coinbase 10 yesterday at 16:46 UTC. At the time, the tokens were worth $10.418 million.

However, at the exact time of this transfer, two more unknown whale addresses, particularly 0x8…fa5 and 0xf…f62, sent the exact same amount to the same Coinbase address. 

Whale Alert on X
Whale Alert on X

This brought the total cumulative assets to 1.675 trillion Shiba Inu tokens, all worth $31.254 million. To put things into perspective, the total tokens moved through these three transactions account for nearly 0.3% of Shiba Inu’s circulating supply.

Due to the magnitude of the transactions, concerns have emerged among investors. These apprehensions stem from the fact that movements to exchanges typically lead to selloffs, and the sale of 0.3% of SHIB’s circulating supply could dampen its current growth trajectory.

Here’s What We Know

Nonetheless, an investigation from The Crypto Basic suggests that there is no cause for alarm. A scrutiny of the three addresses show that they might actually belong to Coinbase. This would confirm that the exchange used these transactions to internally shuffle its SHIB holdings.

All three whale addresses started receiving the SHIB tokens from September 2021, during the previous bull run. Over the past three years, these addresses continued to receive billions of SHIB from Coinbase wallets, with the latest inflow occurring in June 2024.

After accumulating the 558 billion Shiba Inu tokens, each of the addresses then decided to send them back to the Coinbase 10 wallet yesterday. Moreover, Arkham Intelligence shows that the three addresses are Coinbase Deposit wallets, confirming the idea that they belong to the exchange.

Possible Shiba Inu Exchange Withdrawal?

Following the transactions, all three addresses hold 0 SHIB. Meanwhile, the Coinbase 10 wallet, which received all 1.67 trillion tokens, now holds 243.8 billion SHIB, suggesting it has offloaded most of the assets.

In this case, the exchange might have shuffled the assets through another wallet. However, they could also have used the funds to redeem withdrawal requests from their customers, a bullish sign. Data from CryptoQuant confirms that SHIB exchange reserve recently dropped to an all-time low of 137.48 trillion.

Shiba Inu Exchange Reserve CryptoQuant
Shiba Inu Exchange Reserve | CryptoQuant

Currently, Shiba Inu changes hands at $0.00001892, up 12.08% this week. The meme coin is currently building on the latest market-wide upsurge, which has seen Bitcoin (BTC) claim a new peak. At this rate, an increase in exchange withdrawals could bolster SHIB’s momentum.

Ripple CEO Mentions XRP for the First Time on BBC

Lele Jima
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Ripple CEO Mentions XRP for the First Time on BBC

Ripple CEO Brad Garlinghouse takes to top UK media outlet BBC to express optimism about XRP’s future and the potential impact of Donald Trump’s presidency on the U.S. crypto market. 

In a startling development, the Ripple CEO joined BBC, a top UK media outlet, to discuss XRP for the first time on the platform. Before the interview commenced, the BBC interviewer provided insights into XRP-related developments, ranging from its prospect for a spot ETF and involvement in the SEC v. Ripple lawsuit. 

Garlinghouse Anticipates Gensler Removal as SEC Chair 

Discussing his expectations for the crypto market under Trump’s presidency, Garlinghouse referred to the U.S. president-elect as a strong crypto advocate. He highlighted the potential removal of SEC chair Gary Gensler as one of his key expectations for the new administration. 

This aligns with Trump’s campaign speech at the 2024 Bitcoin Conference, in which he promised to fire Gensler on his first day in office. It is common knowledge that Gensler is not in the good books of many crypto enthusiasts due to his regulatory approach, which favors enforcement actions over clear rulemaking. 

Garlinghouse suggested that the SEC chair has waged a war against the crypto industry, putting the U.S. behind other nations regarding clear crypto regulations. Hence, many crypto enthusiasts, including Garlinghouse, would consider Gensler’s exit a welcome development. 

XRP Non-Security Status Remains Law of the Land 

When asked about a potential resolution of the SEC v. Ripple lawsuit under the Trump-led administration, Garlinghouse refrained from giving a direct answer. However, he emphasized that XRP’s non-security status, as confirmed by U.S. District Judge Analisa Torres, remains the law of the land. 

He noted that even though the SEC appealed a part of the ruling—specifically regarding institutional sales of XRP— the commission did not challenge XRP’s non-security status. Notably, he expressed frustration about the lack of clarity for other crypto assets, including Ethereum (ETH) and Solana (SOL). 

Garlinghouse Criticizes SEC Labeling of Cryptos as Securities 

Furthermore, the Ripple CEO criticized the SEC”s position that most cryptocurrencies are securities. He noted that this claim is meaningless, given that crypto holders do not enjoy the benefits of securities, such as participating in profit-sharing. 

“[There is a need to] create clarity that the SEC is not the regulator that needs to own this [crypto] industry. They’ve been trying to regulate through enforcement rather than taking the time to write clear rules of the road,” he remarked. 

Following Trump’s re-election, the crypto industry is anticipating his inauguration, slated for January 20, 2025. Many believe his administration would provide the path for clear and fair crypto regulations, positioning the industry for immense growth. 

Here are 5 Major Factors That Could Take XRP to $1,000

Sam Wisdom Raphael
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Here are 5 Major Factors That Could Take XRP to $1,000

While the $1,000 price target remains extremely ambitious for XRP, five bullish factors are capable of catalyzing a push toward this direction.

XRP has not performed as anticipated since it collapsed from the $3.31 all-time high in January 2018. Despite its inability to reclaim even $1 over the past two years, some market commentators expect an eventual surge toward an audacious $1,000 price.

In June, analyst BarriC presented a speculative scenario of the reactions that could fill the scene should XRP reach the $1,000 level. Also in June, another XRP community figure Amelie made a case for an XRP spike to $1,000, citing JPMorgan’s daily transaction volume. 

This represents one of the most ambitious price targets for XRP, and pessimism around it abounds. As a result, most pundits have expressed doubt. XRP is currently priced at $0.538, and reaching $1,000 would require an astronomical 185,773% increase. 

While this target seems wildly optimistic, several significant developments in the XRP ecosystem could contribute to upward momentum. Should XRP ever push toward this level, here are five developments that could catalyze such a spike.

Smart Contracts on the XRP Ledger

Ripple’s push to integrate smart contracts into the XRP Ledger (XRPL) could be a major catalyst. The company is planning to launch an Ethereum Virtual Machine (EVM) sidechain on the XRPL, allowing it to support decentralized applications (dApps) and smart contracts. 

Ripple is also exploring programmability through native smart contracts. This development could expand the use cases of XRP by attracting decentralized finance (DeFi).

Launch of Ripple’s RLUSD Stablecoin

Ripple’s stablecoin, RLUSD, is expected to launch in the next few weeks, according to Ripple CEO Brad Garlinghouse. He announced at Korea Blockchain Week last month that the USD-pegged stablecoin will be integrated directly into the XRP Ledger, aiming to boost liquidity and adoption. 

RLUSD could provide much-needed stability to XRP users and increase demand, particularly within the financial services sector. Ripple has already announced its initial exchange partners for the stablecoin, now awaiting regulatory approval to launch.

Ripple IPO

Ripple has been hinting at an initial public offering (IPO) for years, and many in the crypto space expect it to happen soon. The IPO could inject significant capital into Ripple, improving its ability to scale and develop new services. 

More importantly, an IPO would boost XRP’s visibility and attract institutional investors, who may see Ripple’s equity as a gateway into the broader crypto market.

However, the timing of the IPO is still unclear, especially with Garlinghouse recently ruling out a U.S. public offering. Despite this, some argue that such an IPO in the U.S. is still possible, especially with the expected shift in regulatory environment from the recent Trump victory.

Launch of a Spot XRP ETF

The launch of a spot XRP exchange-traded fund (ETF) could be another catalyst. If introduced, a spot ETF would allow institutional investors to gain exposure to XRP without needing to hold the asset directly. 

The XRP market recently witnessed the launch of XRP futures contracts, a major step toward a spot ETF. However, the SEC has been hesitant to approve crypto ETFs, especially those tied to digital assets other than Bitcoin and Ethereum. 

Despite this, three major asset managers, Canary Capitals, Bitwise and 21Shares, have all filed to launch an XRP ETF. In addition, Grayscale, the world’s largest digital asset management firm, has also filed to convert its multi-asset GDLC Trust, which contains XRP, to an ETF.

Increased XRP Adoption by Financial Institutions

Ripple’s partial victory over the SEC in July 2023 removed a major cloud hanging over XRP’s potential. Since the court ruled that XRP is not a security, institutions previously cautious about using or holding XRP might now be more willing to adopt it.

Several banks and financial institutions have already been testing Ripple’s technology for cross-border payments. Increased adoption of Ripple’s payment solutions could help boost XRP demand, but widespread institutional use is still speculative.

Massive Bull Flag on Solana Chart Points to $1,400 Target: Analysis

Albert Brown
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Massive Bull Flag on Solana Chart Points to $1,400 Target: Analysis

A widely followed analyst has observed a bull flag breakout on the weekly chart of Solana (SOL), projecting a potential rally to $1,400.

Solana is again capturing market attention, surging 8.4% today to break past the $200 resistance level. This follows a strong performance earlier in the week, where Solana overtook BNB to claim the fifth spot in the cryptocurrency rankings. 

The recent rally coincided with the U.S. Federal Reserve’s announcement of a 25 basis points rate cut on November 7, which appears to have fueled the market’s momentum. 

Solana Bull Flag Signals Further Gains

Now, analysts are pointing to bullish signals on Solana’s weekly chart, suggesting the possibility of continued gains.

For instance, analyst “Titan of Crypto” identified a Bull Flag pattern on Solana’s weekly chart, which is a breakout signal that follows a consolidation phase. This configuration emerged as Solana cracked the $200 resistance level.

Based on the height of the flagpole, the analyst suggests a potential price target for Solana near $1,400, reflecting strong market optimism.

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Also, in an analysis shared today, Rekt Capital, a well-known market analyst, noted that Solana has already surpassed the $202 resistance level even before the close of the weekly candle.

The analyst emphasized that this development marks the end of a multi-month downtrend, with a confirmed weekly close above $202 potentially setting the stage for sustained rallies above this level.

In a separate disclosure, crypto trader Cyclop highlighted price predictions for leading tokens like Solana. The trader believes that during the anticipated 2025 supercycle, Solana’s destiny is a price range of $400-$600.

Rising Market Dominance

Notably, amid the ongoing Solana bull run, the asset’s market dominance has surged to a new all-time high of 3.81%. This metric reflects the growing share of Solana’s market cap relative to the broader crypto market.

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Historically, Solana experienced periods of rapid dominance growth, particularly during its rise from $30 to $100 in mid-2021. However, 2022 presented significant challenges, including the collapse of FTX, which negatively impacted Solana’s performance.

Over $3.7B in Bitcoin Options Expire as BTC Trades Above $76K ATH

Abdulkarim Abdulwahab
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Over $3.7B in Bitcoin Options Expire as BTC Trades Above $76K ATH

Today marks a significant event in the crypto derivatives market, with large expirations of Bitcoin options as well as Ethereum options amid notable price rallies in the spot market.

A total of 49,000 BTC options and 295,000 ETH options officially expired today, November 8.

For Bitcoin, the expiration shows a Put-Call ratio of 0.72, indicating a slightly more bearish outlook among options traders who had initially bet on a significant price correction. The notional value of the 49,000 BTC options that expired worthless stands at $3.7 billion.

Notably, last Friday—when the market was in a bearish phase—28,000 Bitcoin options, valued at around $2 billion, expired. This expiration coincided with Bitcoin dipping to $68,000. At the time, the options market was almost evenly split between bearish and bullish traders.

$3.7 Billion in Bitcoin Options Expire as BTC Trades at ATH

Meanwhile, the latest event comes when Bitcoin is trading near an all-time high with a larger number of options traders betting on a pullback. However, Bitcoin has maintained its uptrend, setting higher highs each day for the past four consecutive days.

At press time, Bitcoin is trading at $76,300 after reaching an all-time high of $76,950 last night. This represents a massive gain of approximately 20% from the $66,000 price level Bitcoin traded at on Monday.

This positive market sentiment is spilling over into Ethereum, with ETH trading at $2,950—around its highest intraday price.

Ethereum Expiry

Meanwhile, in the Ethereum derivatives market, 295,000 ETH options expired with a Put-Call ratio of 0.65, reflecting a neutral to slightly bullish bias. The total notional value of the expired ETH options is approximately $860 million, while the Max Pain is $2,500.

Last week, 137,000 ETH options contracts also expired worthless, with a notional value of $350 million, after the token’s price fell to $2,467. Since then, Ethereum has surged, up about 20% from those levels.

Max Pain and Market Outlook

Commenting on the latest expiry data for Bitcoin and Ethereum, Greeks.Live noted that the Max Pain point this week was reached because many positions accumulated earlier remained unchanged. Additionally, the options expiring today represented 15% of the total open positions.

Moreover, they noted that the conclusion of the U.S. election led to a sharp drop in short-term options implied volatility (IV). At the same time, IV for longer-term options also declined across the board. With the market now more optimistic, the outlook for the Q4 2024 suggests that the strong trend is likely to continue, according to Greeks.Live.

Bitfinex Analysts Set $3,200 as Ethereum Short-Term Target Amid Heightened Investor Appetite 

Lele Jima
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Bitfinex Analysts Set $3,200 as Ethereum Short-Term Target Amid Heightened Investor Appetite 

Analysts from Bitfinex are confident that a growing investor appetite in Ethereum could drive its price to $3,200 in the short-term.  

The analysts shared this view during a recent interview. Notably, Donald Trump’s re-election as U.S. president has boosted investors’ appetite for risk assets, including Ethereum (ETH), the second-biggest crypto by market cap. 

Ethereum ETF Inflows Surge After Trump’s Victory 

This is reflected in the increased inflow into spot-based Ethereum ETFs. According to data from Farside, the nine Ethereum ETF products saw an outflow of $63.2 million a day before the U.S. election. 

Expectedly, these funds recorded zero flow on election day. Following Trump’s re-election on November 6, Ethereum ETF net inflows surged to $52.3 million on that day, and $72.9 million the following day.

ETH to Hit $3,200 in Short-Term 

Given the influx of capital into Ethereum ETFs and heightened investor appetite, Bitfinex experts project that Ethereum could hit a short-term target of $3,200. They expect this prediction to play out in the next few months. 

Specifically, the analysts expect Ethereum’s rally to commence as soon as Bitcoin’s market dominance surpasses 60%. For context, Bitcoin’s market dominance stood at 59.7% as of 1:32 p.m. (UTC). The figure had surged to over 60% earlier today but dropped below this level at press time.  

Currently, Ethereum is trading at $2,937, suggesting that it requires a slight increase of 8.95% to reach the $3,200 target. Should ETH hit the target, it would still be down 34.57% from its all-time high of $4,891, registered on November 16, 2021. 

Experts Remain Confident Amid Price Correction Threats  

While Bitfinex is optimistic about a potential rally for Ethereum, the recent spike in ETH net flows into derivative exchanges has triggered concerns about an imminent price correction. 

On November 5, CryptoQuant reported netflows of 82,000 ETH into derivatives exchanges, suggesting that such movements usually pave the way for increased volatility or price dip. 

Furthermore, several Ethereum whales have been coming out of multi-year dormancy to sell ETH, mounting pressure on the asset. As reported yesterday, three Ethereum addresses, dormant for over eight years, sold over 44,700 ETH. This comes after the price of ETH rose to $2,700. 

With analysts eyeing ETH’s surge to $3,200, more dormant Ethereum addresses might offload some of their holdings, negatively impacting the coin’s price. 

Nonetheless, Bitfinex analysts believe that the ETH price will skyrocket in a month, highlighting Ethereum’s surging open interest as a potential catalyst for the increase. According to the experts, Ethereum’s open interest recently surged to abnormal levels, hitting $1.3 million compared to the $800,000 recorded throughout August. 

“This leads us to believe that in a month, Ether should start seeing good upside,” they remarked. 

Market Expert Thomas Lee Says Six-Figure Bitcoin Price Still Possible by Year-End

Elendu Benedict
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Market Expert Thomas Lee Says Six-Figure Bitcoin Price Still Possible by Year-End

Thomas Lee, the CIO of Fundstrat Capital and CNBC contributor, has alleged that Bitcoin could still trade at six figures before the end of the year.

The crypto market has immensely benefited from Donald Trump’s November 5 election win. For context, the sector’s firstborn, Bitcoin, surged to a new all-time high of $76,943 on Thursday.

Amidst the bullish sentiments, Fundstrat’s chief investment officer, Thomas Lee, has insisted that the global market has more upsides, cryptocurrencies included. In a Friday session at CNBC’s Squawk Box, Lee stated that Bitcoin and small caps would surge tremendously in the near term.

Trump’s Win Good for Bitcoin: Lee

The CNBC contributor stated that prior to the elections, the global market faced turbulence as uncertainties prevailed. However, Trump’s emergence as the 47th US president would spur a rebound and further market upsides for the crypto assets, including Bitcoin.

Lee stated that the impending rally would be massive, citing regulatory changes under Trump and a growing Bitcoin relevance in the global market. Notably, Trump’s pro-crypto stance has been evident from the inception of his electoral campaign, as he has promised to make America the global capital of Bitcoin.

As a result, Lee expects his win to immensely impact Bitcoin’s price. Furthermore, the Fundstrat CIO argued that Trump’s better market experience, owing to lessons from his first tenure, is boosting investor confidence, resulting in the market uptrend since his win.

With Bitcoin being part of the Trump trade, Lee envisions a rise to six figures for the largest cryptocurrency by market cap before the end of the year. He also reviewed his earlier $150,000 Bitcoin call, noting that there is a lot of upside for the premier asset.

Expert Asserts Bitcoin Will Curb Growing US Debts

Notably, one of Trump’s electoral promises is to reduce the growing US deficit, which has now toppled $35 trillion. When asked if the intended debt reduction can be achieved by cutting taxes and spending, Lee noted it would be difficult to accomplish the slash through the means.

However, the CNBC contributor noted that Bitcoin would play a crucial role in the US deficit cut. Lee stated that Bitcoin is a potential Treasury asset, and its long-term appreciation track record could help offset the US debt.

Interestingly, Trump teased the same approach in the past. The US President-elect earlier stated that Bitcoin could help solve America’s growing debt, alleging he would hand its creditors “a little Bitcoin check.”

Meanwhile, discussions to create a US Bitcoin Treasury reserve have gained momentum. Senator Cynthia Lummis noted after Trump’s win that the country would adopt the asset as a hedge against economic uncertainties. A bill flaunted by the pro-crypto Republican senator shows the US would acquire 1 million bitcoins over five years.

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