Hello my friends, British bank Standard Chartered has made projections on the price of bitcoin (BTC) for the end of 2024, suggesting that the digital currency could reach new all-time highs regardless of who wins the US presidential election.

The analyst noted that while the outcome of the US presidential election is relevant for digital assets, its impact is lesser compared to the period when Joe Biden was the Democratic candidate, and is also less significant than markets tend to perceive.

According to Geoff Kendrick, the bank's global head of digital asset research, bitcoin could reach $125,000 if Donald Trump is re-elected, or $75,000 if Kamala Harris wins.

As Kendrick sees it, bitcoin has the potential to reach new all-time highs because the “positive factors” driving its value will prevail regardless of who wins the election.

Kendrick highlighted that regulatory changes are part of those positive factors for bitcoin. “Progress in regulatory relaxation — particularly the repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings — will continue into 2025 regardless of who is in the White House,” he said.

Another factor mentioned by Kendrick is the evolution of the US Treasury markets, indicating that these developments are providing a positive boost for bitcoin.

The bank also expects an increase in capital inflows into bitcoin spot exchange-traded funds (ETFs) next month, which could contribute to the cryptocurrency's price rally.

Standard Chartered has been known for its recurring predictions about bitcoin.

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