Bitcoin Price Predictions Banking on Presidential Election Outcomes

Cryptonews John Brightwater September 13, 2024

Bitcoin Price Predictions Banking on Presidential Election Outcomes

Summary
Bitcoin’s value could rise to $125,000 if Donald Trump wins the upcoming presidential election, representing a 117% increase from its current price. Analyst Geoff Kendrick from Standard Chartered forecasts a significant regulatory shift under Trump, enhancing Bitcoin’s appeal. Conversely, if Kamala Harris wins, Bitcoin may reach $75,000, driven by her relatively crypto-friendly policies. Long-term projections remain positive, with expectations for Bitcoin to hit $200,000 by next year, independent of election outcomes.

According to Standard Chartered, Bitcoin is projected to surge to $125,000 by the end of the year should Donald Trump win the presidential election. This forecast indicates an impressive 117% increase from its current valuation of $57,633. The bank attributes this bullish outlook to Trump’s expected expeditious approach toward reforming cryptocurrency regulations, in stark contrast to the current administration’s more restrictive policies. Analyst Geoff Kendrick suggests that if Trump, referred to as the self-proclaimed “crypto president,” returns to office, he will eliminate federal regulations, specifically those dubbed “Checkpoint 2.0,” and seek to replace the current chair of the Securities and Exchange Commission, Gary Gensler. Additionally, Kendrick noted Trump’s assurance to secure all federally-owned Bitcoin in a national reserve, currently representing about 1% of the total Bitcoin supply. On the contrary, if Democratic candidate Kamala Harris ascends to the presidency, Bitcoin is expected to stabilize around $75,000 by year-end. While not on par with the potential under Trump’s administration, this figure still exceeds Bitcoin’s previous all-time high of nearly $74,000. Kendrick asserts that market adjustments could occur post an initial decline, as regulatory shifts are anticipated under Harris’s leadership, albeit at a slower pace than under Trump. Other analysts, including Gautam Chhugani from Bernstein, echo Kendrick’s sentiments, forecasting significant price increases for Bitcoin irrespective of who ultimately prevails in the election. Kendrick also highlighted positive indicators for Bitcoin’s valuation, such as the anticipated re-steepening of Treasury yields and renewed momentum for Bitcoin exchange-traded funds (ETFs). Although Kendrick has moderated his forecast for Bitcoin’s potential to reach $150,000 this year, he maintains a long-term estimate of $200,000 by the close of next year, regardless of the presidential outcome.

The discussion of Bitcoin’s projected value is influenced heavily by the prevailing political climate and regulatory attitudes. Currently, the cryptocurrency market is reacting to potential outcomes of the upcoming presidential election, particularly in the context of how regulations may shift under different administrations. Historically, Bitcoin values have been sensitive to regulatory announcements and changes, making the candidates’ positions on cryptocurrency a focal point for investors and market analysts alike. This speculation involves understanding the candidates’ past behavior towards cryptocurrency, articulated plans for regulatory approaches, and an evaluation of market sentiment shaped by their potential leadership styles.

In summary, the fate of Bitcoin’s valuation by year-end is intricately tied to the outcome of the 2024 presidential election. Standard Chartered’s analysts assert that a Trump victory could propel Bitcoin to $125,000, while a win for Harris could stabilize it around $75,000. The cryptocurrency market’s future hinges on regulatory outlooks and the administrations’ inherent attitudes toward cryptocurrency, signaling that market participants should remain vigilant of political developments that may impact their investments. Moreover, the optimistic long-term projections for Bitcoin suggest a bullish landscape for the cryptocurrency industry in the near future, regardless of political changes.

Original Source: markets.businessinsider.com