Jesse Myers, co-founder of Onramp Bitcoin, believes that Donald Trump’s presidential victory is not the primary driver behind Bitcoin’s recent price surge. Instead, Myers pointed to the Bitcoin halving, which occurred roughly six months ago, as the key catalyst for the current market dynamics.

If you're wondering what's happening with #Bitcoin…

Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…

But, that's not the main story here.

The main story here is that we are 6+ months post-halving.

And that means a supply shock has… pic.twitter.com/XkwPoPxrj2
— Jesse Myers (Croesus 🔴) (@Croesus_BTC) November 11, 2024

Myers explained that the halving created a supply shortage in the market, driving prices up due to increased demand. This process triggers a chain reaction that could lead to the formation of a bubble. He emphasized that similar patterns followed previous halvings, providing a basis to anticipate a similar outcome this time around.

“A change in U.S. leadership to a potentially more crypto-friendly administration acted merely as a catalyst,” Myers added.

Comparison with Gold and Additional Projections

On-chain analyst James Check echoed Myers’ views, comparing Bitcoin to gold. He noted that gold’s market capitalization increased by $6 trillion over the past year despite the injection of substantial amounts of newly mined and recycled supply. In contrast, Bitcoin’s market cap stands at $1.6 trillion with a fixed supply, signaling further growth potential.

Btw, gold added $6T to its market cap over the last 12 months, and has hundreds of billions of new and recycled supply coming to market.#Bitcoin is 1.6T, and absolutely scarce, with holders who have been through hell…many times.

Higher.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) November 11, 2024

“Similar growth for Bitcoin, given its limited supply, points to the potential for further price increases,” Check stated.

The Impact of Trump’s Victory

Anthony Scaramucci, financier and founder of SkyBridge Capital, also agreed with the experts, suggesting that Bitcoin’s growth was inevitable due to the prospect of a national cryptocurrency reserve in the U.S. and increasing interest from institutional investors. Trump’s victory, according to Scaramucci, simply accelerated this trajectory.