Wash, 40,000 or 100,000?
Bitcoin.com reported that as the US election approaches, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, made a bold prediction on the price of Bitcoin. He believes that "Bitcoin is expected to hit a record high in August and may rise to $100,000 on the day of the US election."
Geoffrey's prediction is closely linked to whether Biden will continue to run for election. The market generally believes that if Biden withdraws, Trump's chances of re-election will increase significantly. This political change is seen as a positive factor for Bitcoin because the market expects Trump's victory to bring a more friendly cryptocurrency policy environment.
Kendrick further analyzed other possible election scenarios. He mentioned that although the possibility is low, if Biden chooses to withdraw from the campaign in late July, the price of Bitcoin may fall back to the range of $50,000-55,000. He emphasized that August 4 is a key date for Biden to make a decision because it is the registration deadline for presidential candidates stipulated by Ohio law. If Biden is still a Democratic candidate after this date, he is likely to continue to run until November.
However, Kendrick also pointed out that if Biden insists on running, "Bitcoin will become an attractive buying opportunity." He explained that if Biden's replacement can win the trust of the Democratic Party, "Bitcoin prices may remain weak."
Standard Chartered Bank is optimistic about the future of Bitcoin, predicting that its price will reach $150,000 by the end of the year and rise to $200,000 in 2025. At the same time, Trump has begun accepting cryptocurrencies as campaign donations in an attempt to criticize the Biden administration's lukewarm attitude towards digital assets.
It is worth noting that if the price of Bitcoin reaches $150,000 by the end of 2024, its market value will enter the $3 trillion club, on par with giants such as Nvidia.
In addition, according to CoinDesk, Standard Chartered Bank is actively preparing to open a spot trading desk for buying and selling Bitcoin and Ethereum. This new initiative will become an important part of the bank's foreign exchange trading department and will soon begin operations in London.
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