According to Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, said that a Donald Trump victory in the 2024 US presidential election could push Bitcoin to $125,000. However, Kendrick noted that new all-time highs (ATHs) for Bitcoin are likely regardless of who wins the election, with Bitcoin still expected to reach $75,000 if Vice President Kamala Harris secures the presidency.
JUST IN: A Trump win would be a #Bitcoin up to $125,000, but new ATHs likely regardless of who wins election, says Standard Chartered Bank 🚀 photo.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
In the new report, Kendrick explained that while the election outcome will have an impact on the Bitcoin industry, the risks of a Harris presidency may be overblown. “BTC will close 2024 at new all-time highs under either election outcome — (c.) $125,000 under Trump or c. $75,000 under Harris,” Kendrick wrote. While a Harris win could initially result in a price drop, he stressed that “dips would be bought as the market recognizes that regulatory progress is still a ways off.”
Despite concerns within the industry that Harris could take a more hostile stance toward Bitcoin, Kendrick believes her administration would be “far 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 put a spotlight on the two candidates’ different approaches to Bitcoin regulation. Trump has become an ally of the Bitcoin industry, speaking at the Bitcoin 2024 conference in Nashville this summer where he voiced his support for Bitcoin. The Republican National Committee has also included Bitcoin on its platform, promising to defend the right to mine Bitcoin and protect the right to self-custody.
Vice President Kamala Harris, on the other hand, has been silent on the matter, do not choose to attend the Bitcoin conference. The Democratic Party platform makes no mention of Bitcoin, or cryptocurrency, which has raised concerns within the industry about potential regulation under a Harris administration. While Harris has not publicly expressed hostility toward crypto, some fear a continuation of the stricter regulations seen during President Joe Biden’s term, most notably shaped by figures like Senator Elizabeth Warren and SEC Chairman Gary Gensler.