With Donald Trump winning the election, Bitcoin has been explosive.
In fact, since the election, the digital currency ran from $69,384 to a recent high of $76,128. From here, analysts argue it could rally to $100,000.
As noted by CNBC, James Butterfill, head of research at CoinShares, said a price rise to $100,000 — which would imply 33% upside — “is possible now,” as Trump’s presidential win and the Republicans’ new majority in the Senate is likely to make it easier to push through a “relaxed anticipated regulatory framework.”
We also have to consider that Trump wants the U.S. to become the “crypto capital of the planet” and Bitcoin the “superpower of the world.” He also wants to create a government stockpile of Bitcoin, create an advisory council, and prevent the Federal Reserve from creating its own digital currency. All of which could easily send Bitcoin prices rocketing higher.
If that’s the case, investors should keep an eye on BTC mining stocks, like Riot Platforms.
That’s because as the value of Bitcoin rises, so does RIOT.
Helping, the company produced another 505 BTC in October, 22.6% higher than September. It also increased its hash rate to 29.4 EH/s. Plus, according to analysts at H.C. Wainwright, the pullback in RIOT was – and is a buying opportunity. “Riot’s ‘rapid growth’ in deployed capacity over the past couple of quarters paired with recent improvements in operational efficiency will reward shareholders in the coming quarters,” they added.
