Bitcoin Potential Rises Towards IDR 1.08 Billion If Trump Is Elected In US Elections

Donald Trump (photo: ANTARA)

JAKARTA - On Friday, October 18, BTC broke the figure of US$68,000 (Rp1.05 million) for the first time since July 29 this year. Seeing this increase, many investors believe BTC's potential has exceeded US$70,000 or around Rp1.08 billion.

According to Tokocrypto Trader, Fyqieh Fachrur said that this strengthening was driven by the inflow of funds into Bitcoin ETF and political developments in the United States, particularly regarding speculation that Donald Trump has the potential to be re-elected as US President.

Because according to him, if Trump is re-elected, it is hoped that he will relax crypto regulations, including the possibility of dismissing SEC Chair Gary Gensler, who is known to tighten crypto regulations in the US.

Launching the Polymarket betting platform, Trump's chances of winning the US Presidential Election continued to increase, from 54.7 percent on October 14 to 58.5 percent on October 17, 2024.

Trump's victory is considered a positive factor for BTC, as investors anticipate looser and more crypto-friendly regulations, Fyqieh explained in a written statement.

In addition to political factors, Fyqieh said that the inflow of Bitcoin's ETF funds also boosted prices. On October 14, the net flow of Bitcoin ETF in the US reached 371 million US dollars (Rp 5.7 trillion).

Although market sentiment is currently very positive, Fyqieh also warned of risks, including BTC's massive sales potential by the US government which still holds more than 203,000 BTC.

This sale could put pressure on the price of Bitcoin in the future. However, optimism for looser regulations and the strong inflow of the ETF is expected to withstand this risk.

"If the price of Bitcoin manages to break the resistance level of US$69,000 (Rp1.06 billion), there is a great opportunity for Bitcoin to reach US$70,000 (Rp1.08 billion in the near future," he said.