Standard Chartered has reiterated its prediction that bitcoin will hit a new record high by the end of 2024, regardless of the outcome of the US election. The bank’s head of digital assets predicts bitcoin could hit $125,000 under Trump or $75,000 under Harris, with a temporary pullback under a Harris presidency. Regulatory concerns are looming, but other factors, such as the volatility of the US Treasury curve, support the outlook.

Standard Chartered Predicts Bitcoin Will Hit New Highs Regardless of US Election Results

Banking giant Standard Chartered reaffirmed on Thursday that bitcoin is expected to hit a new record high by the end of the year, regardless of the outcome of November's U.S. presidential election.

Geoff Kendrick, the bank’s global head of digital asset research, explained that while the election outcome will impact the crypto market, the impact will be smaller than previously anticipated. He emphasized that despite the different impacts of a Trump or Harris presidency, bitcoin’s trajectory remains strong.

Kendrick expects BTC to end 2024 “at a new record high regardless of the election outcome,” believing it will be at $125,000 under Trump or $75,000 under Harris. He added:

A Harris administration would have less negative impact on digital assets than a second Biden administration.

“A Harris win would likely trigger an initial dip, but we expect buying to follow as the market recognises that progress on the regulatory front is still on the horizon and as other positive drivers come into play,” he added.

Additionally, Standard Chartered maintains its long-term prediction that bitcoin will hit $200,000 by 2025. Bitcoin, which peaked at more than $73,000 in March, has fluctuated between $55,000 and $70,000 in recent months.

There are still concerns about potential regulatory hurdles under a Harris presidency, particularly the continuation of policies seen under President Biden. However, Kendrick commented that “it seems clear that a Trump victory would be positive for BTC,” adding that “a Harris administration would be much less negative for digital assets than a second Biden administration.” Despite these challenges, he pointed to other positive factors such as a steeper US Treasury curve as bullish drivers for bitcoin’s growth.

What do you think about Standard Chartered's bitcoin prediction and how the US election could affect BTC? Let us know in the comments below.
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