BTC Price To Hit $100K As Scott Bessent’s US Treasury Secretary Odds Rises to 87%

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I can confidently say that the recent surge in BTC price towards a new ATH of $90K is not just a coincidence. The potential nomination of Scott Bessent as the US Treasury Secretary under President-elect Donald Trump could be the catalyst for a Bitcoin rally towards $100K and beyond.

As an analyst, I find myself observing the significant surge in Bitcoin‘s price today, reaching nearly $90,000. This impressive climb could potentially be fueled by the increasing likelihood that Scott Bessent, a top choice for US Treasury Secretary under President-elect Donald Trump, might assume this role. With the odds of Bessent’s appointment rising to 87%, his influence as a prominent investor may drive Bitcoin prices even higher, potentially surpassing the $100,000 mark.

Trump to Nominate Scott Bessent As US Treasury Secretary

According to data from Polymarket, it’s highly probable that Scott Bessent, the founder of Key Square Group, will be nominated by Donald Trump as the US Treasury Secretary, with odds standing at approximately 87%.

This week, the head of the US Department of the Treasury is expected to be chosen, and Scott Bessent, who holds favorable views towards cryptocurrency, appears to be the front-runner for this role. It’s worth mentioning that he was instrumental in fundraising for Donald Trump’s presidential campaigns. If confirmed, this could potentially lead to a surge in Bitcoin’s price as it points towards a pro-crypto administration being built under Donald Trump.

Among the other prospective nominees for the U.S. Treasury Secretary role are John Paulson, Robert Lighthizer, and Howard Lutnick. Notably, former Treasury Secretary Steven Mnuchin and JPMorgan CEO Jamie Dimon have both declined offers to join the Trump administration recently.

BTC Price to Hit $100K?

Since Donald Trump’s victory in the election, Bitcoin has experienced an astonishing surge of more than 30%. Currently, it hovers around $90K, and if Scott Bessent is appointed as Treasury Secretary, its price could potentially reach $100K.

Bessent strongly supports cryptocurrency, with a particular enthusiasm for Bitcoin. His latest comments about Bitcoin and cryptocurrencies suggest a promising outlook for the crypto sector in the U.S.

As a researcher, I find the versatility of Bitcoin intriguing. One aspect that truly captivates me is its ability to attract a new generation of participants, including those who were previously uninvolved in financial markets. Nurturing a market-oriented mindset in the United States, where individuals embrace a system that aligns with their beliefs, lies at the heart of capitalism’s enduring appeal.

Matthew Sigel, who serves as the head of digital asset research at VanEck, expresses optimism about reaching a fresh record high, praising Bessent for being an innovative pick as a Financial Chief, given his lack of ties to traditional fiat currency.

Trump’s preferred choice for the position of Treasury Secretary, Scott Bessent (a prominent billionaire in the hedge fund industry), holds a strong affinity towards cryptocurrencies, with a particular interest in Bitcoin.

Some recent statements:

I’ve been thrilled by the president’s interest in cryptocurrency, and I believe it aligns perfectly with the conservative ideals associated with the Republican party.

— Eleanor Terrett (@EleanorTerrett) November 12, 2024

In just the previous day, Bitcoin’s price surged more than 10%, reaching an impressive level of $89,464. This increase is due to the belief that Bitcoin remains underpriced at this point. Over the same period, the trading range for Bitcoin was between $80,818 (24-hour low) and $89,859 (24-hour high). Additionally, there has been a significant surge in trading volume by approximately 77% within the last 24 hours, suggesting a substantial increase in trader engagement.

The interest in Bitcoin futures contracts keeps reaching new record highs, according to Coinglass data. Over the past 4 hours, the total open interest in these contracts increased by 4%, and over the last 24 hours, it rose by 11%. Currently, the open interest stands at approximately 607,560 Bitcoin futures contracts, which equates to a staggering $54.50 billion. This suggests that there is strong backing for an additional increase in the price of Bitcoin.

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2024-11-12 10:48