Standard Chartered’s head of cryptocurrency research, Geoff Kendrick, anticipates a notable increase in Bitcoin prices linked to the outcome of the 2024 U.S. presidential elections. Kendrick predicts that if Donald Trump secures victory, Bitcoin’s value could soar to $125,000. However, he maintains that even if Kamala Harris assumes the presidency, Bitcoin is still projected to climb to $75,000, suggesting a bullish outlook on Bitcoin irrespective of the election result.
How Will Elections Influence Bitcoin?
Kendrick highlights that the election results will undoubtedly impact the Bitcoin sphere, although he believes potential risks tied to a Harris presidency may be exaggerated. Should Harris win, he forecasts an initial price decline, which investors might view as a buying opportunity. The advancement of regulatory measures is expected to persist, regardless of the election’s outcome.
What Are the Candidates’ Stances?
Donald Trump is a vocal supporter of the Bitcoin industry, with the Republican Party promising to safeguard Bitcoin mining activities. His positive affirmations were echoed during the Bitcoin 2024 conference, demonstrating the party’s commitment to Bitcoin. Conversely, Kamala Harris has not addressed Bitcoin in her campaign, leaving questions about her potential administration’s regulatory perspective. Although not overtly negative, there is concern that stringent policies from the Biden era may continue under Harris.
Key Takeaways from Kendrick’s Analysis
Kendrick’s analysis provides crucial insights into potential market developments:
- Bitcoin could hit $125,000 if Trump wins.
- A Harris presidency might still see Bitcoin reaching $75,000.
- Trump’s favorable stance contrasts with Harris’s silence on cryptocurrency.
- Regulatory progress is anticipated to advance regardless of the election winner.
Looking ahead to 2025, Standard Chartered forecasts an ambitious target of $200,000 for Bitcoin. While Trump’s clear support for cryptocurrency is a well-documented factor, Harris’s reticence creates an air of unpredictability. Investors are advised to remain vigilant about both candidates’ potential impact on Bitcoin and regulatory shifts, as these elements could present both lucrative opportunities and significant challenges in the crypto-market landscape.