Standard Chartered Believes Bitcoin Will Set for Record Highs No Matter Who Wins The Election
2min read This week, Standard Chartered analysts have released a report stating that in this year's U.S. election, regardless of who wins the presidential election, Bitcoin will hit a historical high by the end of 2024.
However, between the two candidates, if Trump is elected, cryptocurrencies will soar significantly to $125,000. If Harris is elected, cryptocurrencies can also be expected to rise to $75,000.
Will Trump's Victory Double The Bitcoin Price?
Although Trump has previously opposed cryptocurrencies, his attitude towards cryptocurrencies has changed dramatically in this year's election. He not only publicly announced his support for cryptocurrencies but also self-proclaimed himself as the crypto president.
At the Bitcoin 2024 conference in July this year, Trump also publicly announced that if he wins the election, he will list Bitcoin as a strategic reserve asset of the United States and plans to cancel federal cryptocurrency regulations, replacing the current chairman of the U.S. Securities and Exchange Commission, Gary Gensler.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, wrote in the report that if Trump could win the election, Bitcoin could reach $125,000 by the end of the year. As of press time, Bitcoin is quoted at $58,090, which means Bitcoin will rise by nearly 115%.
Harris is Also Good for Bitcoin
On the other hand, if the current Democratic candidate Harris wins the election, it is also good for cryptocurrencies.
Although Harris does not support Bitcoin as high-profile as Trump, Kendrick believes that compared with Biden, Harris's attitude towards cryptocurrencies will be more open than some people think.
For example, although Biden has retained a bill that prevents banks from providing digital asset custody, Harris may change direction.
Kendrick estimates that if Harris wins the presidential election, Bitcoin will reach $75,000 by the end of this year - although far less than Trump's result, it still exceeds Bitcoin's historical high of nearly $74,000.
He wrote in the report: In the event of a Harris victory, we think BTC would head higher after an initial dip, once the market recognizes that regulatory change is still likely under Harris, even if at a slower pace.
There Are Other Positive Factors
Gautam Chhugani, an analyst at Bernstein, predicted that due to the market not yet pricing in the potentially relaxed regulatory environment that may follow, Bitcoin will soar after Trump's victory.
He estimates that if Trump wins the election, Bitcoin will rise to $90,000 in December.
At the same time, Kendrick also listed other positive factors for Bitcoin in the coming months. For example, Bitcoin should benefit from the steepening of U.S. Treasury yields, and the momentum of inflows into Bitcoin ETFs will also recover.
He said that although inflows into Bitcoin ETFs have been relatively small in the past few months, this momentum is often seasonal, and added that risk sentiment was lower this summer.
Kendrick also insisted that by the end of next year, regardless of who is elected president, the price of Bitcoin will reach $200,000.