PANews reported on July 3 that according to Bitcoin.com, as the US election approaches Election Day in November, Standard Chartered Bank has made predictions on the price of Bitcoin. Geoffrey Kendrick, head of the bank's foreign exchange and digital asset research department, said on Tuesday that Bitcoin is likely to hit a record high in August and then reach $100,000 on US election day. The analyst's prediction depends on whether the current President Biden continues to run for election, which the market believes will increase Trump's chances of re-election. This result is seen as favorable for Bitcoin because Trump's victory may bring policies that are more favorable to the cryptocurrency market. The analyst believes that Trump's victory may create a regulatory environment that is conducive to the growth of digital assets.
The Standard Chartered analyst also shared predictions for other election scenarios. He explained that the least likely scenario is that Biden withdraws from the race in late July, which could cause the price of Bitcoin to fall to between $50,000 and $55,000. Kendrick emphasized that August 4 is a key date for Biden to make a decision. "This is the registration date for presidential candidates required by Ohio law. Therefore, if Biden is still the Democratic candidate on August 4, he will also be the same in the first week of November," he pointed out. In addition, the analyst also said that if Biden's Democratic replacement is highly credible, "Bitcoin prices will remain weak." Standard Chartered maintained its target of $150,000 for Bitcoin by the end of the year and predicted that it will reach $200,000 in 2025.
