Bitcoin and cryptocurrencies have become a $3.4 trillion market this year as U.S. president Donald Trump helps drive the bitcoin price with a wild crypto prediction.
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The bitcoin price is nearing its all-time high of $112,000 per bitcoin, bouncing back from April lows of $75,000, with markets braced for a Federal Reserve flip.
Now, as a legendary billionaire has said he expects global “de-dollarization” to catapult the bitcoin price higher, traders are eyeing what Trump’s crypto czar David Sacks has said will be a “big” July, while the Federal Reserve is under pressure to cut interest rates and unleash the “trillions and trillions” of dollars that are on the sidelines.
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U.S. president Donald Trump’s second term in the White House has helped the bitcoin price soar.
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“July will be a big month,” Sacks posted to X, adding that he’s expecting “a bill signing” for the stablecoin Genius Act, and the crypto market structure Clarity Act “going to the Senate.”
“President Trump supports Clarity on market structure as well as Genius on stablecoins,” Sacks posted. “Let’s get this done!”
The Trump administration has fast-tracked crypto legislation, rushing to pass bills that would legitimise dollar-pegged stablecoins and carve up the bitcoin and crypto market between regulators after companies and developers complained for years they’ve been left in limbo.
Earlier this month, the Senate passed the Genius Act that would establish a regulatory framework for stablecoins, legitimizing their use for issuers and custodians.
Trump said he expected the the Genius Act to lead to “massive” crypto investment once if it’s passed by the House of Representatives.
Trump’s support of bitcoin and cryptocurrencies more broadly has flourished since he returned to the White House in January.
Last week, Trump said bitcoin is taking “a lot of pressure off the dollar, and it is a great thing for our country,” during a press conference, adding bitcoin has “become amazing.”
The U.S. dollar index, which measures its performance against six other major currencies, is on track for its biggest drop in the first six months of a year since the era of free-floating currencies began in the early 1970s.
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The bitcoin price has rocketed over the last year, hitting an all-time high of $112,000 per bitcoin … More
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Meanwhile, Powell, who Trump has repeatedly attacked for his commitment to holding interest rates steady even as inflation falls toward its 2% target, is under increasing pressure to lower rates.
“Jerome Powell is in an increasingly untenable situation because he will be looked at as politicizing the office of the Federal Reserve,” investor Chamath Palihapitiya said during an episode of the All In Podcast, which he hosts alongside crypto czar David Sacks and fellow investors David Friedburn and Jason Calacanis.
“Look at how much money is sitting in money market funds … you is you have trillions and trillions of dollars of dry powder on the sidelines that will need to find a home.”
Bitcoin and crypto analysts are generally feeling upbeat about the market’s outlook as policy, macro and funding factors align.
“The setup for bitcoin remains compelling,” Matt Mena, crypto research strategist at 21Shares, said in emailed comments.
“A clean break above $110,000 could trigger a fast move to $120,000—putting our $138,500 summer target within reach. With policy, macro, and flows aligning, bitcoin may be setting up for a bullish end to the year—where a push toward $200,000 is no longer just a long shot, but a growing probability.”
