According to a Standard Chartered analyst, Bitcoin (BTC) could reach $125,000 if Donald Trump wins the 2024 US presidential election. Geoff Kendrick, the bank’s Head of Crypto Research, also said he believes that Bitcoin will hit $75,000 if Kamala Harris Wins. That said, the king coin is forecast to reach new all-time highs in 2024, whether it’s Harris or Trump who takes office.
Bitcoin Could Hit $125,000 If Trump Wins
In his report, Geoff Kendrick captures the possible implications of the US election for Bitcoin. If Trump wins re-election, the price could soar to $125,000 owing to his pro-Bitcoin policies.
On the same note, it is expected that a Harris presidency would lead to price declines in the initial stages. However, because of market fundamentals, the price could still surge to $75,000. Kendrick has pointed out that the threats connected with Harris’s presidency might be overemphasized.
He thinks that Bitcoin prices will not stay low for long as investors will come in to buy the dips. This means that the crypto likely has a bright future even under the rule of either of the two candidates.
2024 Election Could Favor Bitcoin Investors
Many believe that Trump’s endorsement of Bitcoin can have a positive impact on its price. The presidential candidate has voiced his stance on the crypto at the Bitcoin 2024 conference held in Nashville.
His support, together with the Republican Party’s stand on Bitcoin as a currency, shows that if he is to have another term, then the regulatory framework will favor the crypto.
The Republican platform has pledged to protect Bitcoin mining and wallet storage, which will put investors at ease. These positions are quite opposite to those of the current administration, which has been less enthusiastic about cryptocurrency.
Kamala Harris’s Stance Unclear
Kamala Harris has not publicly endorsed or disapproved of Bitcoin, which has been seen as a cause of concern within the crypto community. Some people are concerned that she may follow in Biden’s footsteps and continue issuing strict guidelines, while Kendrick thinks Harris would be more moderate.
He states that Harris may be less negative than expected, particularly as compared to a continuation of the current administration’s approach. Additionally, he noted that regulatory progress will continue under a Harris presidency, which will be positive for the market.
Despite what may be perceived as a strict position initially, Kendrick is sure that prices will not stay low for long. Hence, investors will likely purchase on a dip and reap long-run returns for Bitcoin.
BTC Could Reach $200,000 by 2025
Nonetheless, Standard Chartered still sees the possibility of Bitcoin’s future prospering even after the election. Based on market trends, the bank expects the price to hit $200,000 by the end of 2025. Short-term volatility is normal, but Bitcoin’s growth is safe in the long term.
The US election will impact crypto regulation. Nonetheless, market opportunities remain positive thanks to the possible positive approach by both Trump and Harris towards the current market environment. While investors try to estimate the consequences of such changes, the cryptocurrency market is ready for further development.
