After the first presidential election TV debate, US President Biden's approval rating is significantly behind Republican presidential candidate Trump, and there are even voices of "changing the party" within the Democratic Party. Standard Chartered Bank said that August 4 is a key date for Biden to make a decision. If he withdraws from the election or promotes a new round of Bitcoin bull market, the price of the currency will hit a new high.
According to Bitcoin.com, as the US election approaches Election Day in November, Standard Chartered Bank has made a prediction on the price of Bitcoin. Geoffrey Kendrick, head of the bank's foreign exchange and digital asset research department, said: "Bitcoin is likely to hit a record high in August and then reach $100,000 on US election day."
Geoffrey’s prediction depends on whether incumbent President Joe Biden continues to run, which the market believes would increase Trump’s chances of re-election. This outcome is seen as positive for Bitcoin because a Trump victory could lead to policies that are more favorable to the cryptocurrency market.
He believes that Trump’s victory could create a regulatory environment that is conducive to the growth of digital assets.
He also shared predictions for other election scenarios, explaining that the least likely scenario is Biden dropping out of the race in late July, which could cause the Bitcoin price to drop to $50,000-55,000.
Geoffrey emphasized that August 4 is a critical date for Biden to make a decision.
"That is the date Ohio law requires for presidential candidate registration. So if Biden is still the Democratic nominee on August 4, he will also be the nominee in the first week of November."
But he also pointed out that if Biden continues to run, "Bitcoin is an excellent buying opportunity."
He said that if Biden's Democratic replacement is highly credible, "Bitcoin prices will remain weak."
Standard Chartered Bank maintained its year-end target of $150,000 for Bitcoin and predicted it would reach $200,000 by 2025.
Trump began accepting campaign donations in cryptocurrencies in May in an attempt to build a so-called "crypto army" to criticize the Biden administration's cooler stance toward digital assets.
The Block reported that it is worth noting that by the end of 2024, if the price of Bitcoin reaches US$150,000, the market value of Bitcoin will enter the US$3 trillion club, and Nvidia's market value will reach US$3 trillion.
According to CoinDesk, Standard Chartered Bank is setting up a spot trading desk for buying and selling Bitcoin and Ethereum. The new London trading desk will begin operations soon and become part of the bank's foreign exchange trading department.
“We have been working closely with regulators to support institutional client demand for bitcoin and ether trading, in line with our strategy to support clients in the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” Standard Chartered said in an emailed statement.
As a supporter of digital asset custodian Zodia Custody and its trading arm Zodia Markets, Standard Chartered Bank, as a traditional banking giant, is now deeply involved in the cryptocurrency field.
