Standard Chartered is anticipating a surge in Bitcoin value, with expectations for it to climb to $100,000 as the U.S. presidential election approaches. If former U.S. President Donald Trump emerges victorious, the price could potentially reach $150,000. The head of digital asset research at the bank points to Trump’s perceived support for cryptocurrencies as a driving force behind this optimistic prediction. Trump’s administration is viewed as creating a favorable regulatory environment that could further propel the cryptocurrency markets.
Geoff Kendrick, the head of digital assets research at Standard Chartered, has made a bold prediction regarding Bitcoin’s price. He believes that as the November presidential election draws near, Bitcoin could hit $100,000 and possibly soar to $150,000 by the end of the year if Trump secures another term in office.
Kendrick highlighted in a recent research note that Trump’s positive stance on cryptocurrencies is a significant factor in this bullish outlook. Standard Chartered had previously stated in May that a second term for Trump would likely benefit the crypto industry due to the administration’s supportive regulatory policies.
Additionally, Kendrick expressed optimism about the approval of spot ethereum exchange-traded funds (ETFs) by the SEC. He mentioned that other cryptocurrencies like SOL and XRP could also see a boost in value once they obtain ETF status, though this may not happen until 2025.
Despite being initially critical of cryptocurrencies, Trump has acknowledged the growing popularity of Bitcoin and has vowed to push back against President Joe Biden’s anti-crypto agenda. He has advocated for favorable regulations for digital assets and has even released three non-fungible token (NFT) collections since leaving office.
Former CFTC Chairman Christopher Giancarlo has labeled Trump as “America’s first crypto president,” noting that bitcoin futures were approved during his administration. However, Trump faced legal troubles at the end of May, being convicted of 34 felony counts.
Do you believe that Bitcoin will reach $100,000 before the November election and potentially hit $150,000 if Trump wins? What are your thoughts on Trump’s chances of winning the election? Share your opinions in the comments below.
