Bitcoin to Reach New Highs Regardless of Election Outcome, Predicts Analyst
Summary
Recent developments in the 2024 Presidential Election suggest that Bitcoin is positioned for new all-time highs, irrespective of the outcome. Analysts at Standard Chartered predict Bitcoin may reach $125,000 if Trump wins and $75,000 if Harris prevails, despite current betting odds favoring Harris. Regulatory progress appears to be a key factor influencing market reactions to political events.
In light of the recent political developments surrounding the 2024 Presidential Election, analysts indicate that Bitcoin is poised to reach unprecedented highs irrespective of the electoral outcome. Following the initial debate between former President Donald Trump and current Vice President Kamala Harris, shifts in betting odds reveal a slight preference among crypto bettors for Harris. According to Polymarket data, Vice President Harris is currently favored to win with a 50% probability, compared to Trump’s 49%. However, historical trends have shown a consistent bias among bettors towards Trump since February. Despite the ongoing electoral campaign, it remains important to note that traditional polling has consistently indicated a lead for Harris. Furthermore, she is reportedly gaining traction in critical swing states such as Michigan and Wisconsin, where her chances of claiming these states’ electoral votes have been assessed at 58%. In Nevada, her efforts to enhance her standing are also noteworthy, although she continues to lag significantly in essential states like Arizona, Georgia, and Pennsylvania. From a financial perspective, Geoff Kendrick, the global head of digital assets research at Standard Chartered, asserts that the implications of the election on Bitcoin may not be as significant as previously thought. Kendrick suggests that the continuation of regulatory progress is likely to persist regardless of the election’s outcome, although the pace may vary under a Harris administration. “First, we think progress on relaxing regulations—particularly the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings—will continue in 2025 no matter who is in the White House; it would just be slower under a Harris presidency,” Kendrick noted. The bank projects that Bitcoin could achieve an all-time high before year-end, forecasting $125,000 should Trump win and $75,000 if Harris is victorious. Kendrick cautions that while an initial price drop may occur under a Harris administration, the market is expected to rebound as regulatory advancements materialize alongside other positive developments in the cryptocurrency sector.
The article discusses the relationship between political developments surrounding the upcoming 2024 Presidential Election in the United States and their potential impact on Bitcoin’s market performance. The analysis centers on elections’ influence on cryptocurrency regulations and market sentiment, with insights from analysts at Standard Chartered providing forecasts on Bitcoin pricing depending on the election outcome. Furthermore, the shifts in betting odds addressed in the article reflect broader sentiments within the cryptocurrency community regarding political candidates and their expected policies towards digital assets.
In summary, the correlation between the 2024 Presidential Election results and the performance of Bitcoin remains an area of significant interest among analysts and bettors alike. While current betting trends favor Kamala Harris, projections assert that Bitcoin will likely reach new heights by the end of the year regardless of who prevails in the electoral contest. Standard Chartered’s analysis highlights both candidates’ potential to influence market dynamics, albeit with notable variances in the anticipated regulatory environment depending on the victor. The cryptocurrency market appears poised to respond to evolving political landscapes with resilience, emphasizing the importance of regulatory clarity moving forward.
Original Source: decrypt.co
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