Standard Chartered Says $100,000 for Bitcoin, Gives Date
Banking giant Standard Chartered announced that the Bitcoin (BTC) price may break a new record in a short time.
Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, expects a new record in Bitcoin price in August.
Will have a positive impact on presidential elections
Standard Chartered official commented, "A new record is likely for Bitcoin in August, and then it could reach $100,000 by election day in the USA."
The presidential race between Joe Biden and Donald Trump continues in the USA. According to Standard Chartered, markets think Trump will win in this race.
Standard Chartered analysts think that Trump is "positive on Bitcoin" and that there is a positive correlation between Trump's chances of winning the election and the price of Bitcoin.
“The logic here is that under the Trump administration, both regulations and mining are viewed more favorably,” Kendrick said.
This is why Bitcoin price may fall
Standard Chartered's forecast is based on Joe Biden remaining in the presidential race. However, even if it is unlikely, Biden's withdrawal from the race could drop the Bitcoin price to the $50,000-$55,000 range.
It is thought that Bitcoin will not make a jump if the Democratic Party nominates someone like Michelle Obama instead of Biden. However, otherwise, it was stated that "Bitcoin is a fantastic buying opportunity".
Kendrick emphasized that the key date here is August 4th. “According to Ohio law, a presidential candidate must register on this date,” Kendrick said.
Standard Chartered analysts predict that the Bitcoin price will reach $150,000 by the end of this year; He said it could reach $200,000 by the end of 2025.