Bitcoin's Road To $100K: Why Thanksgiving, New SEC Policies, And Global Adoption Could Spark The Next Bull Run, According To This Portfolio Manager
Eric Jackson, the founder and portfolio manager at EMJ Capital, has shared his thoughts on the potential catalysts that could drive Bitcoin’s BTC/USD value to $100,000.
What Happened: On Friday, Jackson appeared on CNBC’s Closing Bell and suggested that the upcoming Thanksgiving holiday, new SEC policies, and global adoption could spark Bitcoin’s next bull run.
During the interview, Jackson stated, “I think a lot of people that I talk to say, well, it’s just going to kiss $100,000 and pull back.”
Adding, “But I do think there’s a chance like that $100,000 milestone could be a rethink for a lot of investors both institutional, sovereign retail, and there are a bunch of catalysts ahead I think.”
See Also: Will Shiba Inu Coin Reach 1 Cent By 2025? 47% Of Benzinga Readers Say…
He went on to explain that the new SEC regime and the potential for a strategic reserve could be significant catalysts for Bitcoin.
Jackson also said that the Thanksgiving period often acts as a springboard for bullish crypto periods, rather than a setback.
He concluded by saying, “I think those names, you know, and the fact that they … there’s a real structure that’s going to be coming into place, around crypto and Bitcoin, I think those will be catalysts in and of themselves.”
Why It Matters: Earlier, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned of a potential pullback due to excessive market leverage, but maintained that Bitcoin reaching $100,000 is “inevitable.”
Meanwhile, MicroStrategy Inc. MSTR executive chairman Michael Saylor has predicted that Bitcoin could hit $13 million by 2045, a valuation that would put Bitcoin’s market cap at around $250 trillion.
Companies like MicroStrategy, which owns more than 150,000 Bitcoins, are emerging as key players in this evolving market, effectively operating as a leveraged bet on the cryptocurrency.
In a note to Benzinga, Sumit Gupta, co-founder of CoinDCX, highlighted the surge in trading activity as a key driver. He also pointed to developments in the U.S. political landscape as a contributing factor.
The digital asset market has already benefited from the incoming administration of President-elect Donald Trump, with many speculating that a potential second term could bring more favorable regulatory policies for crypto.
Gupta added that speculation over SEC Chair Gary Gensler’s resignation and the possibility of crypto-friendly leadership has further fueled investor optimism.
Price Action: At the time of writing, Bitcoin was trading at $98,816, up nearly 0.2% in the last 24 hours, according to Benzinga Pro data.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Pixabay
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Leave a Reply