According to Jeff Kendrick, head of cryptocurrency research at Standard Chartered, says a Donald Trump win in the 2024 US presidential election could push bitcoin to $125,000. However, Kendrick notes that new record highs for bitcoin are likely regardless of who wins the election, with bitcoin still expected to hit $75,000 if Vice President Kamala Harris wins the presidency.
Urgent: Trump’s victory could send… #Bitcoin To $125,000, but new highs are likely regardless of who wins the election, according to Standard Chartered Bank 🚀 pic.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
In the new report, Kendrick explains that while the outcome of the election will impact the bitcoin industry, the risks of a Harris presidency may be overstated. “Bitcoin will end 2024 at an all-time high under the election outcome — (around) $125,000 under Trump or $75,000 under Harris,” Kendrick wrote. While a Harris win could initially send prices lower, he asserts that “dips will be bought as the market realizes that progress on the regulatory front is still to come.”
Despite concerns within the industry that Harris may take a more hostile stance toward Bitcoin, Kendrick believes her administration will be “much less negative” toward digital assets than a second Biden administration. Furthermore, Standard Chartered maintains its bullish outlook, predicting that Bitcoin will hit $200,000 by the end of 2025, regardless of who wins this year’s election.
The 2024 election has drawn attention to the different approaches the two candidates are taking to regulating bitcoin. Trump has become an ally of the bitcoin industry, speaking at the Bitcoin 2024 conference in Nashville this summer, where he expressed his support for bitcoin. The Republican National Committee has also come out in support of bitcoin. included Bitcoin on its platform, vowing to defend the right to mine Bitcoin and protect self-custodial.
In contrast, Vice President Kamala Harris has remained silent on the issue, No choice To attend the Bitcoin conference. The Democratic Party platform makes No mention The issue has raised concerns within the industry about the potential regulatory environment under a Harris administration. While Harris has not been overtly hostile to cryptocurrencies, some fear a continuation of the more stringent regulatory policies seen under President Joe Biden, most notably shaped by figures like Senator Elizabeth Warren and Securities and Exchange Commission Chairman Gary Gensler.