According to Foresight News, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, said that before the US presidential election in November, the price of Bitcoin may reach US$73,800, a 12% increase from the current level.
Kendrick said that two fundamental factors that led to MicroStrategy's share price premium to Bitcoin's price could drive Bitcoin higher. The first factor was the news that Bank of New York Mellon received SAB 121 exemption last month. Relaxation of regulation is often considered a driving factor for Bitcoin. Second, the SAB 121 exemption is closely related to MicroStrategy's announced plan to become a "Bitcoin bank", which will provide Bitcoin capital market tools in the future. Kendrick believes that the results of the presidential election are secondary to these bullish forces, and both Trump and Harris' victories are good symbols.
