Proactive's Billy Farrington joined Stephen Gunnion with more about the factors propelling bitcoin’s price near the $100,000 milestone. Farrington highlighted a remarkable 130% year-to-date gain, with much of the increase occurring in November 2024.
Key developments include Donald Trump’s presidential election win, which sparked optimism due to his pro-crypto stance and promises to reshape US crypto regulation. The resignation of SEC chair Gary Gensler, seen as a crypto critic, has also been a tailwind. Farrington noted, “Trump made a raft of pro-crypto promises... and it kind of looks like he's already made good on that promise [about Gensler].”
Other catalysts discussed were the approval of bitcoin ETFs, bringing billions of dollars into the market, and the bitcoin halving event in April 2024. Together, these factors create a fertile environment for bitcoin’s continued growth.