Bitcoin

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<h4><strong>Bitcoin has been surging since Donald Trump’s surprising win, rising by 21% in the last <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">7 days</a> and hitting a new ATH.</strong></h4> 
<p>For most people, Donald Trump’s win is the obvious explanation for Bitcoin’s new success. However, some believe other factors are pushing Bitcoin to new heights. Onramp Bitcoin co-founder Jesse Myers shared a different perspective on Bitcoin’s recent surge, and it was rather interesting.</p> 
<figure id="attachment_155403" aria-describedby="caption-attachment-155403" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-155403" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price.jpg" alt="" width="1902" height="849" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price.jpg 1902w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-300x134.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-1024x457.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-768x343.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-1536x686.jpg 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-941x420.jpg 941w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-696x311.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/BTC-7-day-price-1068x477.jpg 1068w" sizes="(max-width: 1902px) 100vw, 1902px">
 <figcaption id="caption-attachment-155403" class="wp-caption-text">
  Source. Coinmarketcap
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<p>Meyers shared in a recent X post, “If you’re wondering what’s happening with #Bitcoin… Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst… But that’s not the main story here. The main story here is that we are 6+ months post-halving.”</p> 
<p>The <a href="https://www.altcoinbuzz.io/?s=Bitcoin+halving" target="_blank" rel="noopener">Bitcoin halving</a> takes place every four years. It typically involves reducing block rewards. The last halving occurred in April this year, reducing rewards from 6.25 BTC to 3.125 BTC.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">If you’re wondering what’s happening with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>…</p> 
 <p>Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…</p> 
 <p>But, that’s not the main story here.</p> 
 <p>The main story here is that we are 6+ months post-halving.</p> 
 <p>And that means a supply shock has… <a href="https://t.co/XkwPoPxrj2">pic.twitter.com/XkwPoPxrj2</a></p> 
 <p>— Jesse Myers (Croesus <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;">) (@Croesus_BTC) <a href="https://twitter.com/Croesus_BTC/status/1855992681689657654?ref_src=twsrc%5Etfw">November 11, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Meyers attributes recent price performance to a supply shock. He wrote, “There’s not enough supply available at current prices to satisfy demand,” and supply-demand price equilibrium must be restored.”</p> 
<h5><strong>Long-Term Growth in View</strong></h5> 
<p>In his post, Meyers claimed we’ve seen this cycle before, citing post-halving experiences in 2012, 2016, and 2020. Interestingly, other <a href="https://www.altcoinbuzz.io/cryptocurrency-news/robert-kiyosaki-own-bitcoin-dont-wait-for-prices/" target="_blank" rel="noopener">prominent analysts</a> like American financier Anthony Scaramucci believe Bitcoin is up for a good run. Scaramucci claims everyone is still early to the Bitcoin party, even though it does not seem so.</p> 
<figure id="attachment_155406" aria-describedby="caption-attachment-155406" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-155406" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/11/Bitcoin-onramp.jpeg" alt="" width="900" height="372" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/11/Bitcoin-onramp.jpeg 900w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/Bitcoin-onramp-300x124.jpeg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/Bitcoin-onramp-768x317.jpeg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/11/Bitcoin-onramp-696x288.jpeg 696w" sizes="(max-width: 900px) 100vw, 900px">
 <figcaption id="caption-attachment-155406" class="wp-caption-text">
  Source: <a href="https://x.com/Croesus_BTC/status/1855992681689657654" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>He offered several reasons to bet on Bitcoin’s long-term performance. The American financier sees the US setting up a Bitcoin reserve, inspiring other countries to do the same. Interestingly, 94% of Bitcoins are already in circulation. This means there are only 1.2 million BTC to be mined, leaving room for supply and demand pressure.</p> 
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<h6><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h6> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/trump-not-sole-driver-of-bitcoin-price/">Trump Not Sole Driver of Bitcoin Price</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Trump Not Sole Driver of Bitcoin Price

Altcoin Buzz

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