Standard Chartered Bank has revised its forecast for the crypto sector, predicting a positive outlook if Donald Trump were to secure a second term in office. Geoff Kendrick, the bank’s head of FX Research and Digital Assets Research, believes that a victory for Trump in the upcoming U.S. presidential election would have a “bitcoin positive” effect. Despite initially opposing cryptocurrencies during his presidency, Trump has since launched his own non-fungible tokens (NFTs) and acknowledged the popularity of bitcoin. Standard Chartered Bank had previously warned of a potential drop in bitcoin’s price to $50,000, but Kendrick has revised his forecast following recent developments. He noted that market conditions are improving and stated that the low point for bitcoin’s price was likely reached on May 1st. Kendrick also highlighted concerns about U.S. government debt and deficits, suggesting that investors may turn to digital assets as alternative investments. The potential impacts of a second Trump administration on the cryptocurrency market remain a topic of discussion.
