💥Will Bitcoin Hit $150,000?
Standard Chartered predicts that Bitcoin will hit $100,000 before the election if Trump wins, and could hit $150,000 if ex-U.S.
The bank’s head of digital asset research cites Trump’s perceived crypto-friendly stance as key to Bitcoin’s bullish outlook.
The Trump administration is seen as promoting a supportive regulatory environment, which could further boost cryptocurrency markets.
Kendrick said in a research note Thursday that Trump’s perceived crypto-friendly stance is a key factor in this bullish outlook:
As the U.S. election approaches, I expect $100,000 if Trump wins and $150,000 by the end of the year
Standard Chartered similarly said in May that a second Trump term would be generally positive for the crypto space due to a more supportive regulatory environment.
Additionally, Standard Chartered also believes that the SEC will approve a spot Ethereum exchange-traded fund (ETF). “For other coins (e.g. SOL, XRP), the market will also look ahead to their eventual ETF status, although this may be a 2025 story rather than a 2024 story,” Kendrick said in May.
Trump, who initially was a crypto critic, acknowledged the growing popularity of Bitcoin and pledged to oppose President Joe Biden's anti-crypto agenda and advocate for favorable regulation of digital assets. He also promised to release Ross Ulbricht. Since leaving office, Trump has launched three non-fungible token (NFT) collectibles.
Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo believes that Trump is the first crypto president of the United States and emphasized that Bitcoin futures were approved during his administration. At the end of May, Trump was convicted of 34 felonies.