By 2023, Bitcoin is up more than 130 percent. At the time of writing, the cryptocurrency is trading at $41,035. Many investors are expecting a Bitcoin Spot ETF and in addition, the halving in April 2024 is expected. This is predicted to mainly affect the BTC price. However, the U.S. election campaign is also expected to affect financial markets, including crypto.

As analysts of asset manager VanEck predict, Bitcoin could rise to US$100,000 if Donald Trump becomes president for the second time in the upcoming election. If Bitcoin achieves this rate, its market capitalization will be about US$2 trillion - more than, say, silver, Amazon or Google. BTC currently has a total market capitalization of $802 billion.

Donald Trump vs. the SEC?

Analysts see the connection between Trump's re-election and a new all-time high for Bitcoin in its battle against the U.S. Securities and Exchange Commission (SEC).

If Donald Trump becomes president, "the SEC's hostile regulatory approach will be dismantled. We expect the Bitcoin price to reach an all-time high on Nov. 9, exactly three years after the last all-time high," the forecast report said. Bitcoin's highest price to date was USD 68,789 in November 2021.

Since the FTX debacle the crypto sector is under fire due to aggressive regulatory attacks by the SEC. This is also said to have had a negative impact on the prices of Bitcoin and other crypto, among others.

When BTC reaches USD 100,000 in December 2024, Bitcoin inventor Satoshi Nakamoto be named Time Magazine's Person of the Year, VanEck analysts explain.

BTC at 100,000: even without Trump and co.

Trump's projected victory matches the latest polls. The former president leads by 47 percent to 43 percent, according to data from the Wall Street Journal. Also in the race, but with poor chances of victory: Ron DeSantis. The Republican favors Bitcoin and opposes central bank digital currencies, or CBDCs.

The nephew of former U.S. President John F. Kennedy is also campaigning for the White House and wants to include Bitcoin in his election campaign. "As president, I will ensure that your right to own and use Bitcoin is sacred. I will defend the right to self-possession," Kennedy said in a speech in May. However, the politician is considered a "conspiracy theorist."

Many investors believe Bitcoin will rise to USD 100,000 even without the US election campaign - critics see the presidential candidates' support as a political agenda.