Leading cryptocurrency Bitcoin BTC/USD has soared in price since the 2024 presidential election and is nearing the $100,000 milestone.
Benzinga readers predict whether a six-figure price for Bitcoin can be reached before the end of 2024.
What Happened: It was only eight months ago when the cryptocurrency community and investors were celebrating Bitcoin passing the $69,000 milestone and setting new all-time highs.
Since the 2024 election, Bitcoin has set successive all-time highs, with some days seeing record levels surge by thousands of dollars.
On Wednesday, Bitcoin set another all-time high of $93,434.36 as the cryptocurrency has increased over 25% in the last week and is up over 110% year-to-date in 2024.
As Bitcoin's price approaches the six-figure mark, Benzinga polled readers to gauge how close they think $100,000 is to being reached.
"Do you think Bitcoin will reach $100,000 by the end of 2024?" Benzinga asked.
The results were:
- Yes: 73%
- No: 27%
The majority of Benzinga readers think the $100,000 price milestone is within reach before the end of the year, with around a month and a half to go.
The poll was conducted on Monday and early Tuesday when Bitcoin traded between $80,000 and $89,000. After Bitcoin hit $93,000 on Wednesday, the same poll conducted today could show an even higher percentage of yes votes.
Read Also: Bitcoin Is Now Larger Than Walmart, Netflix, Coca-Cola, Pepsi And McDonald’s Combined
What's Next: With Bitcoin nearing the $100,000 mark, analysts and industry experts are likely to adjust their future price targets, as some experts have given this level for 2024 or 2025.
While the poll was based on the end of 2024, early 2025 could have a catalyst for cryptocurrency, with Donald Trump set to be sworn in as president in January.
Trump could comment on cryptocurrency between now and then, but his inauguration speech and early speeches while president could also feature the cryptocurrency sector.
After previously speaking ill of Bitcoin and cryptocurrency, Trump had a change of heart and appealed as the pro-crypto friendly president in the 2024 election.
Many industry experts see Trump's win as leading to a more crypto-friendly American government, which could accelerate the price and valuations of leading cryptocurrencies going forward.
In March, Benzinga asked a similar poll about Bitcoin hitting the $100,000 level.
"When do you think Bitcoin will hit $100K?" Benzinga asked on social media.
Here were the response options and the results:
- Sooner than we expect: 52.8%
- Give or take a few years: 22.2%
- Never: 14.9%
- Shrug, I don’t know, undecided: 10.1%
More than half of respondent said the $100,000 six-figure milestone could be hit sooner than expected and another 22.2% said that the milestone could be reached in a few years, which could mean two to three years from today.
Only 14.9% believed Bitcoin would never reach $100,000—a group likely consisting of those who doubt Bitcoin's future value or are skeptical of the cryptocurrency sector.
With Bitcoin nearing $100,000 today, it appears the people who said “sooner than we expect” back in March may have been on to something.
The influence of cryptocurrency is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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The study was conducted by Benzinga from Nov. 11 through Nov. 12, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 140 adults.
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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