Standard Chartered Bank's latest report predicts that if Trump wins the election, Solana may rise fivefold, Ethereum fourfold, and Bitcoin threefold by the end of 2025. On the other hand, if Harris is elected, the bank predicts that Bitcoin will outperform Ethereum, while Ethereum will outperform Solana.
The US presidential election will take place on November 5, and the crypto market is closely watching Trump and Harris' stance on cryptocurrencies to speculate on the market trend. Recently, Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered, believes that no matter what the final result of the November election is, it will not prevent Bitcoin from hitting a record high at the end of the year. At that time, he said:
If Trump wins, the price of Bitcoin will reach $125,000; if Harris wins, the price of Bitcoin will be $75,000.
Trump was elected, SOL increased 5 times
In yesterday’s report (8), Kendrick made a market forecast for 2025 based on the scenario of the two candidates being elected. He pointed out that if Trump wins, by the end of 2025, Solana may rise fivefold, Ethereum fourfold, and Bitcoin threefold.
On the other hand, if Harris is elected, Kendrick predicts that Bitcoin will outperform Ethereum, and Ethereum will outperform Solana. He further predicts the price trend:
If Harris wins, we expect Ethereum to reach $7,000 by the end of 2025. However, regardless of the election outcome, we expect Bitcoin to rise to $200,000 by the end of 2025.
Such different predictions are due to the different attitudes of the two candidates towards cryptocurrencies. Trump has publicly supported cryptocurrencies many times this year, giving the market hope that he can create a more friendly regulatory environment for cryptocurrencies; while Harris's attitude is ambiguous, and she may continue to follow the Biden administration's line.
Two reasons to be bullish on SOL
Kendrick believes that Trump’s administration will be more conducive to the development of the Solana ecosystem, including the following factors:
1) Solana Spot ETF via
When the 19b-4 filing for the Ethereum spot ETF was approved, Kendrick believed that other cryptocurrencies such as SOL might have their ETF products in 2025. At that time, he said:
The SEC's approval of the Ethereum spot ETF indicates that ETH is not classified as a security, suggesting that cryptocurrencies such as XRP and SOL may not ultimately be considered securities.
In some cases, cryptocurrencies such as SOL are very similar to the technical core of ETH, and given the SEC's recognition of ETH, it is difficult for them to be considered securities.
For other cryptocurrencies, the market will also look ahead to their eventual ETF products, although this is likely a story for 2025.
2) Firedancer Upgrade
On the other hand, Solana plans to launch the Firedancer upgrade. Firedancer is a Solana verification node client developed by Jump Crypto, which aims to increase TPS to 1 million. Kendrick expects that after the implementation of Firedancer, Solana's throughput will increase by 100 to 400 times, which will help Solana establish a dominant position in multiple fields, including finance, consumer services and DePIN, thereby increasing Solana's valuation.
However, Standard Chartered Bank has always been optimistic about the prospects of the crypto market. As early as the end of May, the bank predicted that with the approval of the Ethereum spot ETF, Bitcoin is expected to hit a new high at the end of the week, but the result did not come true. At the same time, it predicts that Bitcoin will reach $125,000 by the end of the year, which means that Bitcoin needs to double in the next three months, which is still some distance away from the target.
