Summary
Standard Chartered predicts that Bitcoin could reach $125,000 if Donald Trump wins the upcoming presidential election and $75,000 if Kamala Harris is victorious. The bank emphasizes that regulatory progress is anticipated regardless of the election’s outcome, with a repeal of strict accounting policies expected to bolster Bitcoin’s growth. Increased miner profitability is also noted as a factor contributing to its positive price trajectory, with the potential reaching up to $150,000 by year’s end under Trump.

According to Standard Chartered, Bitcoin (BTC) is positioned to achieve unprecedented highs by the conclusion of 2024. Geoff Kendrick, the bank’s global head of digital assets, expresses in a recent CoinDesk report that under potential scenarios, Bitcoin may advance to $125,000 should former President Donald Trump reclaim the presidency, whereas a victory by Kamala Harris may result in a target price of approximately $75,000. The influence of presidential elections on financial markets is widely recognized; however, Standard Chartered asserts that the outcomes of the current election cycle will have a diminished effect on Bitcoin compared to the previous Biden-Trump contest. Kendrick notes that the market now anticipates significant regulatory advancements irrespective of which candidate prevails. Specifically, the anticipated repeal of SAB 121, a stringent accounting guideline imposed by the U.S. Securities and Exchange Commission (SEC) regarding banks’ digital asset holdings, is anticipated in 2025 and could serve as a substantial catalyst for Bitcoin’s growth. The report further elucidates the perception that while Trump is generally viewed as having a more favorable stance towards cryptocurrency than Harris, a Harris administration would not impede Bitcoin’s ascent but may decelerate the progress of regulatory changes. Beyond political ramifications, changes in the U.S. Treasury market are also regarded as instrumental in fostering Bitcoin’s growth. Kendrick emphasizes that the current re-steepening of the U.S. Treasury curve, characterized by a lesser decline in break-evens compared to real yields, is cultivating what he describes as “positive momentum” for Bitcoin’s long-term trajectory. Historically, Standard Chartered has expressed a bullish outlook on Bitcoin. Earlier this year, predictions indicated that Bitcoin might ascend to $150,000 by year-end should Trump return to office. The bank postulated that a combination of political dynamics, regulatory adjustments, and economic developments could underpin Bitcoin’s imminent price elevation. In July, Standard Chartered reaffirmed its optimistic forecast, asserting that BTC could reach $120,000, highlighting increased miner profitability as a critical factor fueling this positive outlook. Kendrick remarked that at that time, miners experienced invigorated returns per Bitcoin mined, permitting them to retain a larger portion of their mined assets while still maintaining robust cash flow.

The article discusses the projected price trajectories of Bitcoin depending upon the outcome of the U.S. presidential election, as analyzed by Standard Chartered. The predictions highlight the influence of the political landscape on financial markets, specifically cryptocurrency, along with considerations for regulatory reforms and macroeconomic indicators. The insights provided stem from the expertise of Geoff Kendrick, who details how the evolving context of the financial environment may affect Bitcoin’s valuation.

In conclusion, Standard Chartered presents a nuanced analysis of Bitcoin’s potential price fluctuations as influenced by the upcoming presidential election. Their insights suggest that irrespective of the electoral outcome, Bitcoin is likely to experience significant growth driven by expected regulatory progress and favorable macroeconomic conditions. The combination of a favorable political environment, increased miner profitability, and regulatory shifts are poised to establish a strong foundation for Bitcoin’s ascent in the coming years.

Original Source: cryptopotato.com

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