Standard Chartered Bank is optimistic about the future price of Bitcoin
As the U.S. presidential election approaches, the global cryptocurrency market has once again become the focus of investors. According to foreign media "CNBC", Standard Chartered Bank's head of digital asset research Geoff Kendrick pointed out in the latest report that regardless of the outcome of the 2024 U.S. election, Bitcoin prices will hit a record high before the end of the year. And predicted that if Trump is elected, Bitcoin may soar to $125,000; if Harris wins, Bitcoin may reach $75,000.
Kendrick said that although the U.S. presidential election has an important impact on the cryptocurrency market, the impact this time is not as strong as when Biden was elected in 2020.
He emphasized: "No matter who is elected, Bitcoin will hit a new all-time high before the end of 2024."
Even in the event that Harris wins the election, while there may be short-term price declines, as the market recognizes that regulatory progress is continuing, investors will buy the lows, driving prices back up.
Trump’s election would be better for Bitcoin
According to the report, if Trump is elected, it will be more beneficial to the Bitcoin market. Trump publicly supported Bitcoin at the 2024 Bitcoin Conference and stated that he would defend the rights of Bitcoin mining and self-custody. The Republican Party's campaign platform also clearly supports Bitcoin, which has led to market expectations that Trump's victory will drive the price of Bitcoin to rise rapidly, and may even reach a new high of $125,000.
In contrast, Harris did not express her support for Bitcoin in public and lacked direct discussion of cryptocurrencies. The Democratic Party's policy platform also does not mention Bitcoin or cryptocurrencies, which has caused some investors to worry that Harris may continue the Biden administration's strict regulatory policies on cryptocurrencies after being elected. However, Kendrick believes that He Jinli’s impact on digital assets will not be as negative as Biden’s. Although progress will be slower, the long-term trend of the market is still optimistic.
Regulatory policies have limited impact
The report pointed out that no matter whether Trump or Harris is elected, other positive factors that promote the rise of Bitcoin still exist. Kendrick specifically mentioned that progress in regulatory easing, such as the repeal of SAB 121, the strict accounting rule for banks’ digital asset holdings, will continue to advance in 2025, which will be a big boon for the cryptocurrency market. In addition, the re-steepening of the U.S. Treasury curve is also one of the favorable conditions for Bitcoin’s growth.
Standard Chartered maintains its long-term forecast that Bitcoin is on track to reach $200,000 by 2025. Although Bitcoin prices currently fluctuate between $55,000 and $70,000, Bitcoin’s future remains strong as global market demand for the digital asset increases.
Further reading
The two parties are fighting each other in the US election! But this data shows: No matter who is elected, Bitcoin will be the winner
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
