According According to Geoff Kendrick, head of cryptocurrency research at Standard Chartered bank, a Donald Trump victory in the 2024 US presidential election could push Bitcoin to $125,000. However, Kendrick notes that Bitcoin is likely to hit new all-time highs (ATH) no matter who wins the election, with Bitcoin expected to hit $75,000 if Vice President Kamala Harris wins the presidency.
BREAKING NEWS: A Trump victory could send #Bitcoin up to $125,000, but new ATHs are likely no matter who wins the election, says Standard Chartered bank 🚀 image.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
In the new report, Kendrick explained that while the election outcome will impact the Bitcoin industry, the risks of a Harris presidency may be overstated. “BTC will end 2024 at new all-time highs with either election outcome. [circa] “The $125,000 level with Trump or the $75,000 level with Harris,” Kendrick wrote. While a Harris win could initially result in lower prices, he stressed that “dips would be bought as the market recognizes that progress on the regulatory front is still to come.”
Despite concerns within the industry that Harris may take a more hostile stance towards Bitcoin, Kendrick believes her administration would be “far less negative” on digital assets than a second Biden administration. Additionally, Standard Chartered maintains its bullish outlook, forecasting that Bitcoin will hit $200,000 by the end of 2025, regardless of who wins this year’s election.
The 2024 election has highlighted the two candidates’ different approaches to Bitcoin regulation. Trump has emerged as 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 including Bitcoin on its platform, committing to defend the right to mine Bitcoin and protect self-custody.
In contrast, Vice President Kamala Harris has remained silent on the issue, opting out to attend the Bitcoin conference. The Democratic Party platform makes No mention Bitcoin or cryptocurrencies, which has raised concerns within the industry about the potential regulatory environment under a Harris administration. Although Harris has not publicly shown hostility toward cryptocurrencies, some fear a continuation of the stricter regulatory policies seen under President Joe Biden, marked in particular by figures such as Senator Elizabeth Warren and SEC Chairman Gary Gensler.
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