Crypto rally could become a rout if Trump doesn’t deliver
Bitcoin (BTC-USD) extends its post-election rally fueled by Presdient-elect Donald Trump’s pro-crypto sentiment on the campaign trail. Digital Assets Council of Financial Professionals founder and bestselling author of “The Truth About Crypto” Ric Edelman joins Morning Brief Hosts Brad Smith and Madison Mills to talk about what’s next for crypto with Trump set to start his second term in the White House in January. “If Trump doesn’t deliver on the promise that he has laid out, then you will see this crypto rally become a crypto rout. There is no question that bitcoin’s incredible rise since the election is all because everybody is excited that Donald Trump is such a strong crypto supporter. He made it very clear during the campaign that he’ll do everything possible to foster and develop bitcoin and broader digital assets. If he doesn’t deliver on that by appointing a pro-crypto Treasury secretary and a pro-crypto [Securities and Exchange Commission] SEC chair, then you’re going to see this rally end as fast as it started,” Edelman says. He notes, “Whether or not the policies are favorable, crypto will do just fine. It’s a global asset that trades 24/7. The United States cannot kill it. It can hinder it. It can slow it down. And that’s proved by what you’ve seen under the Biden administration in Gary Gensler at the SEC. But if the administration is favorable and Congress is favorable, what you’re going to see is legislative clarity … [the crypto community is] looking for legislation and regulation that provides clarity from a tax perspective, a custody perspective, [and] a regulatory perspective that allows institutional investors, and most importantly, the banking industry, to participate as freely as everybody else.” Edelman adds, “My base case is that the Trump administration is going to deliver on the promises. The president will honor the expectations that he has laid out for everybody. And we’re going to see bitcoin over $100,000 by the end of this year only in the next month or so. By the end of 2025, I expect bitcoin to be north of $150,000, and by 2030, bitcoin will be more than $420,000. That’s a five times, roughly, increase from today’s pricing.”
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