According According to Geoff Kendrick, head of crypto research at Standard Chartered Bank, a Donald Trump win in the 2024 US presidential election could take bitcoin to $125,000. However, Kendrick said new all-time highs (ATH) for bitcoin are likely no matter who wins the election, with bitcoin expected to reach $75,000 if Vice President Kamala Harris secures the presidency.
Just: Trump’s victory could be a big shock #bitcoin Standard Chartered Bank says it could hit $125,000, but a new ATH remains a possibility no matter who wins the election. pic.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
In the new report, Kendrick explained that the election outcome will impact the Bitcoin industry, but the risk of Harris becoming president may be overstated. “Under any election outcome BTC will end up at new all-time highs in 2024 – [circa] Kendrick wrote, “the $125,000 level under Trump or around the $75,000 level under Harris.” While a Harris win could initially send the price lower, he emphasized that “buying on dips is a given as the market realizes progress on the regulatory front will still be on the way.”
Despite concerns within the industry that Harris may take a more hostile stance towards bitcoin, Kendrick believes her administration will be “far less negative” for digital assets than a second Biden administration. Furthermore, Standard Chartered has maintained its bullish outlook, forecasting that bitcoin will reach $200,000 by the end of 2025, regardless of who wins this year’s election.
The 2024 election has drawn attention to the differing approaches to bitcoin regulation by the two candidates. Trump has become an ally of the bitcoin industry, speaking at the Bitcoin 2024 conference in Nashville this summer, where he expressed support for bitcoin. The Republican National Committee has also expressed support for bitcoin. Involved In order to bring Bitcoin to its platform, it pledged to defend the right to Bitcoin mining and protect self-preservation.
In contrast, Vice President Kamala Harris remained silent on the issue. choose not to Democratic Party platform to attend Bitcoin conference no mention Regarding bitcoin or cryptocurrencies, that has raised concerns within the industry about the potential regulatory environment under a Harris administration. Although Harris has not publicly shown hostility towards crypto, some fear that the strict regulatory policies seen during President Joe Biden’s tenure will be continued, particularly as shaped by people like Senator Elizabeth Warren and SEC Chairman Gary Gensler.
