Standard Chartered: Trump or Harris Election Win Could Push Bitcoin Price to $125,000 or $75,000 Respectively
Harrisâ success in the US presidential election is expected to cause the crypto market to stumble initially; however, Bitcoin (BTC) could reach new highs regardless of the outcome of the election.
Standard Chartered investment bank analyst Geoff Kendrick expects Bitcoin (BTC) to end the year at an all-time high price level, whatever the outcome of the US presidential election.
On September 12, in a Standard Chartered report, Kendrick predicted that the price of Bitcoin will reach new highs by the end of 2024, due to âpositive factors dominating the markets regardless of the election outcome.â
âI believe Bitcoin will end the year at a new all-time highâand priceâregardless of who wins the US presidential election, with Trump pushing it toward $125,000 and Harris toward $75,000.â
Kendrick also noted that the impact of the US presidential election on Bitcoin's future trajectory will be less significant given that Democratic candidate Biden has dropped out of the presidential race.
Trump or Harris: How Will the Election Impact Bitcoin?
Former President Donald Trumpâs stance on cryptocurrencies has evolved over time. He was previously critical of Bitcoin, calling it a âhoax,â but has recently changed his mind. Trump has also criticized the Biden administration for its hardline stance on Bitcoin and cryptocurrencies, and has called for the United States to become the âcrypto capitalâ of the world if he is re-elected. Trump has continued his support for the sector, as he recently did by endorsing his sonsâ crypto platform, World Liberty Financial.
Critics speculate that Vice President Harrisâs association with the Biden administration will be detrimental to her relationship with the crypto community, with Kendrick describing this as a factor that âcould lead to an initial price setbackâ if Harris is elected, but Harris is reported to be more open to digital assets than Joe Biden, though she has not stated any formal policy framework on the matter.
Kendrick cited this as a reason for optimism, advising investors to âexpect buying as the market recognizes upcoming regulatory developments and the impact of positive factors.â Polymarket bets are currently at 49% for both Trump and Harris as part of the bookmakersâ prediction of who will be the next U.S. president.
Fundamental Influencing Factors: What Will Push Bitcoin to New Price Highs?
Kendrick pointed to âprogress in regulatory easingâ as a key positive for Bitcoinâs price growth, specifically the work to repeal SAB 121, which imposes strict accounting rules on digital assets held by banks. The law is expected to continue âregardless of who the new president is,â but it will take longer to get rid of it under Harris.
The report noted the return of the decline in US Treasury stock earnings and its contribution to âbuilding positive momentumâ for Bitcoin, and Kendrick added his expectation of a seasonal rebound in Spot Bitcoin ETFs in October.
These factors combine to create a very bullish outlook for Bitcoin in the last fiscal quarter, as it seeks to surpass its all-time high of $73,750.07, and many other analysts agree with these expectations.