Should former President Donald Trump win the 2024 presidential contest, a Standard Chartered Bank analyst projects that Bitcoin’s price might skyrocket to an incredible $125,000. The bank’s head of crypto research, Geoff Kendrick, provided this perspective as the speculation surrounding the elections and Bitcoin intensifies.
By Election Day, November 5, Kendrick projects that Bitcoin will value around $73,000. If Trump wins re-election, he predicts a 4% increase in Bitcoin’s value immediately after the election, followed by an additional 10% rise shortly after. He noted that this forecast somewhat aligns with the current market expectations of a Trump victory.
Conversely, should Vice President Kamala Harris be chosen, Kendrick expects a temporary drop in Bitcoin’s value, finally steadying at $75,000 by year-end. Though there are questions about a Harris president, Kendrick thinks that the whole influence on Bitcoin may be exaggerated and suggests that market dynamics may push prices upward even under her leadership.
The crypto world has seen Trump’s backing of Bitcoin favorably, particularly considering his most recent remarks during the Bitcoin 2024 conference. His plans aim to foster a more encouraging regulatory climate for cryptocurrencies, in contrast to the current government’s cautious approach.
Although Kamala Harris has not stated a clear position on Bitcoin, there are concerns that she would follow President Biden’s more strict legislative road. Kendrick, however, shows hope that Harris’s views could not be as harsh as expected, allowing for legislative advancement that helps the crypto market.
Looking forward, Standard Chartered sees Bitcoin maybe reaching $200,000 by 2025, independent of the result of the election. Though there are temporary swings, the long-term future of Bitcoin seems bright; many investors will probably grab purchasing chances during any declines. As the political landscape shifts, the bitcoin market stands poised for further growth and development.
