Bitcoin broke past the $80,000 mark on Sunday, marking a historic new high as President-elect Donald Trump’s victory and a buoyant stock market spurred investor confidence. With momentum building, many are speculating that Bitcoin may be on track to reach $300,000.

VanEck CEO Jan van Eck shared his optimistic outlook, suggesting Bitcoin could ultimately be valued at half the total market cap of global gold reserves. “Bitcoin is set to reach new highs, and I believe it can go further,” van Eck stated, estimating a potential valuation of around $300,000 as Bitcoin becomes more established as a digital asset akin to gold.

A Bullish Streak Fueled by Market Confidence

Bitcoin and Ethereum have seen major gains recently, bolstered by investor interest in cryptocurrency-focused ETFs. The 2024 U.S. election season also brought crypto to the forefront, with Polymarket, a blockchain prediction market, more accurately capturing voter sentiment than traditional polls. Vice President Kamala Harris supported blockchain innovation, but Trump’s outreach to the crypto community gave him a boost among voters critical of the SEC’s regulatory stance.

Trump’s Transformation into a Crypto Advocate

Once a vocal skeptic of Bitcoin, Trump pivoted during his 2024 campaign, leaning heavily into crypto support. Trump sold NFTs, promoted Bitcoin-themed merchandise, and pledged to make the U.S. a global crypto mining leader. Alongside his sons, he even launched the family’s own cryptocurrency, World Liberty Fi, strengthening his appeal with crypto-minded voters. Analysts speculated that a Trump win would boost Bitcoin’s price, with targets of $100,000 to $300,000 now on the table.

What Lies Ahead for Bitcoin?

With election results confirmed, Bitcoin appears well-positioned to benefit from a supportive political climate. As interest and adoption grow, the potential for Bitcoin to reach $300,000 may not be far-fetched, leaving investors wondering just how soon it might hit this new milestone.