Trump isn’t the only ‘story’ driving Bitcoin’s price higher, says exec

Donald Trump’s election victory in the United States is unlikely “the main story” behind Bitcoin’s recent pump — with an analyst pointing instead to a post-halving supply shock.

“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,”

Onchain analyst James Check echoed the sentiment comparing Bitcoin’s market cap to gold’s, which has added around $6 trillion over the past year but has “hundreds of billions of new and recycled supply coming to market.”

Bitcoin is just $1.6 trillion in market cap and is “absolutely scarce with holders who have been through hell many times,” so it will go higher, he predicted.

On Nov. 12, American financier Anthony Scaramucci hinted at the same thing, stating to those not already long on Bitcoin, “It may feel like you missed it, but you didn’t. It’s early.”

He was confident that the US would establish a strategic Bitcoin reserve and other countries would follow, along with institutional asset allocators and managers.

As of today, 94% of all the Bitcoin in existence are already in circulation or lost, which means there are only around 1.2 million BTC left to be mined, putting further pressure on supply and demand.

Magazine: BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest