Bitcoin hits R2 million – next target R3 million

Source: Google

Bitcoin (BTC) hit R2 million over the weekend. The next target is R3 million.

For context, BTC broke R1 million in November 2021 and then dropped 70%. So don’t expect this to be a smooth ride. There will be bumps along the way. But R3 million remains the next target.

What’s pushing the price? Donald Trump taking over the White House of course, and all the pro-crypto signals he has been putting out for months.

Bloomberg reports that he will likely remove accounting guidance "SAB 121" which makes it expensive for banks to offer custodial services, which is seen as the safest way for banks to wet their toes in this market. That would be huge.

His new SEC chief Paul Atkins will also likely bring an end to the banks denying services to crypto companies. Under former President Joe Biden, the regulatory mantra was protecting Americans from fraud and money laundering. That went way too far in the minds of many and stifled innovation.

Also expect to see new EYTFs for XRP and Solana in the next few months.

Crypto season has arrived!