Bitcoin Projected to Hit $800K on Trump Pump, Analyst Asserts

Bitcoin’s (BTC) valuation will most likely cross $800,000 if Donald Trump becomes the next United States president, according to independent market analyst Daan de Rover.

Trump’s Bitcoin Speech Boosts Upside Sentiment

Rover’s bullish outlook took cues from Trump’s recent speech at the 2024 Nashville Bitcoin Conference on July 27. The former president outlined a plan to turbocharger BTC adoption in the U.S., beginning with adding the cryptocurrency to the country’s strategic reserves, appointing pro-crypto regulators, and making the U.S. the powerhouse of crypto mining.

One key takeaway from Trump’s speech was his prediction that Bitcoin would eventually overtake its traditional “safe-haven” rival, gold. As of July 28, the precious metal’s market value was around $16 trillion, compared to Bitcoin’s $1.32 trillion.

Ideally, a market cap of $14 trillion for Bitcoin against its supply cap of 21 million tokens could easily push its value above $800,000 per BTC, argues Rover. He said:

“Donald Trump said Bitcoin will one day probably surpass the market cap of Gold. If this would happen, BTC would be valued at $813,054.”

Next Major Step: Adding Confiscated Bitcoin to U.S. Strategic Reserves

On the stage, Trump promised to convert 212,000 BTC—currently held by the Department of Justice—into a National Strategic Reserve worth $13.4 billion. That would be the first major step in the U.S. recognizing Bitcoin as a strategic asset class akin to the U.S. dollar and gold.

On the sidelines of the Nashville conference, Republican Senator Cynthia Lummis of Wyoming announced her plan to draft a bill requiring the government to stockpile up to 1 million Bitcoin over five years. The bill would require holding the cryptocurrency for 20 years and using it only to reduce the national debt.

“Bitcoin is a durable asset,” Lummis said, adding:

“It’s digital gold and a hard asset that can back the US dollar and assure the world that the dollar remains a world currency.”