Bitcoin is expected to reach new all-time highs by the end of 2024, regardless of the outcome of the U.S. presidential election, according to a recent report by Standard Chartered analyst Geoff Kendrick. Released on September 12, the report suggests that Bitcoin’s price could soar as high as $125,000 if former President Donald Trump wins the election, while a Kamala Harris victory could drive the cryptocurrency to $75,000. Kendrick highlighted that positive market drivers would likely dominate, irrespective of the election results.
Impact of Trump vs. Harris on Bitcoin’s Trajectory
Kendrick emphasized that the upcoming U.S. election, while significant, will not have the same impact on Bitcoin’s trajectory as it did when Joe Biden ran for office. Trump’s evolving stance on cryptocurrencies has been a focal point. Though he previously criticized Bitcoin as a “scam,” he has recently shifted his position, advocating for the U.S. to become the global “crypto capital” if re-elected. Trump has also voiced support for the sector, recently endorsing his sons’ upcoming crypto platform, World Liberty Financial.
On the other hand, Vice President Kamala Harris’s connection to the Biden administration, which has been tough on cryptocurrency regulation, may initially hurt her standing within the crypto community. Kendrick suggested that a Harris presidency could lead to an initial dip in Bitcoin’s price, but he also expressed optimism that progress on digital asset regulations would continue under her leadership.
Key Factors Driving Bitcoin’s Potential Surge
Kendrick cited several key factors that could propel Bitcoin to new heights. He pointed to the potential easing of regulations, particularly the repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings. This regulatory shift is expected to unfold regardless of the election’s outcome, though it could take longer under a Harris administration.
Additionally, the U.S. Treasury curve re-steepening is viewed as another driver of positive momentum for Bitcoin. The report also forecasted a seasonal increase in spot Bitcoin exchange-traded fund (ETF) inflows by October, further boosting the cryptocurrency’s prospects.
Analysts at Standard Chartered, along with others in the financial sector, believe Bitcoin could soon surpass its previous high of $73,750, signaling a monumental quarter ahead for the cryptocurrency.
