Trump Election Victory Could Send Bitcoin to $125,000, Says Standard Chartered Analyst

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According to In line with Geoff Kendrick, head of Crypto Analysis at Customary Chartered financial institution, a Donald Trump victory within the 2024 US presidential election may take Bitcoin to $125,000. Nevertheless, Kendrick notes that new all-time highs (ATHs) for Bitcoin are probably no matter who wins the election, with Bitcoin nonetheless anticipated to succeed in $75,000 if Vice President Kamala Harris secures the presidency.

Within the new report, Kendrick defined that whereas the result of the election will impression the Bitcoin business, the dangers of a Harris presidency could also be overstated. “BTC will finish 2024 at new all-time highs beneath each election outcomes – [circa] The $125,000 degree beneath Trump or about $75,000 beneath Harris,” Kendrick wrote. Whereas a Harris victory may initially lead to a worth drop, he emphasised that “dips could be purchased because the market acknowledges that regulatory progress will proceed to be made.”

Regardless of business considerations that Harris may take a extra hostile stance towards Bitcoin, Kendrick believes her administration could be “a lot much less destructive” towards digital property than a second Biden administration. Furthermore, Customary Chartered maintains its optimistic outlook, predicting that Bitcoin will attain $200,000 by the top of 2025, no matter who wins this yr’s elections.

The 2024 elections have drawn consideration to the 2 candidates’ totally different approaches to Bitcoin regulation. Trump has develop into an ally of the Bitcoin business and spoke on the Bitcoin 2024 convention in Nashville this summer season, the place he voiced his help for Bitcoin. The Republican Nationwide Committee has carried out the identical included Bitcoin on its platform, promising to defend the proper to mine Bitcoin and shield self-custody.

In distinction, Vice President Kamala Harris has remained silent on the difficulty. don’t choose to attend the Bitcoin convention. The Democratic Get together platform makes no mention of Bitcoin or cryptocurrency, which has raised business considerations in regards to the potential regulatory surroundings beneath the Harris administration. Whereas Harris has not publicly proven hostility towards crypto, some worry a continuation of the stricter regulatory insurance policies seen throughout President Joe Biden’s time period, most notably formed by figures like Senator Elizabeth Warren and SEC Chairman Gary Gensler.