Jesse Myers: Donald Trump's Victory Is Not the Key Factor in the Bitcoin Rally

Founder of Onramp Bitcoin Jesse Myers said that Donald Trump's victory in the US presidential election is not the key factor in the Bitcoin rally.

Despite Donald Trump's victory in the US presidential election being a hot topic of discussion, Founder of Onramp Bitcoin Jesse Myers believes that it is not the key factor in the recent Bitcoin rally. According to Myers, there are more fundamental forces at work in the market that are having a direct impact on the value of the first cryptocurrency.

One of the key factors that Myers highlights is the upcoming halving of Bitcoin's block reward, which is expected to occur in April. Currently, the block reward stands at 6.25 BTC, and after the halving, it will drop to 3.125 BTC. This means that miners will now be rewarded with less Bitcoin for solving each block, which is driving up the difficulty of mining.

Another factor that is contributing to the rally in Bitcoin's price is the classic shortage of cryptocurrency supply on the market. At current prices, the supply of Bitcoin is not sufficient to meet the demand.

Finally, the price of Bitcoin is also being boosted by the situation with spot prices of the bitcoin ETF, which was launched in January 2024. On November 11 alone, funds bought over 1,300 bitcoins, while miners were only able to mine 940 coins. This imbalance is also causing an increase in digital gold prices.

According to Myers, history is repeating itself, as it did after the halvings of 2012, 2016, 2020, and we should expect an increase in Bitcoin prices, although there will definitely be a correction in the rate.