On Thursday Eastern Time, analysts from Standard Chartered Bank released a report stating that regardless of who wins the presidential election this year, Bitcoin will reach a historic high by the end of 2024.
But between the two candidates, if Trump is elected, cryptocurrency will soar significantly to $125000. If Harris is elected, cryptocurrency is also expected to rise to $75000.
Will Trump double the price of Bitcoin?
Although Trump had previously opposed cryptocurrency, his attitude towards cryptocurrency has changed significantly in this year's election, not only publicly declaring his support for cryptocurrency, but even calling himself the "crypto president".
At the Bitcoin 2024 conference in July this year, Trump also publicly announced that if he wins, he will list Bitcoin as a strategic reserve asset in the United States, and plan to repeal federal cryptocurrency regulations and replace the current chairman of the U.S. Securities and Exchange Commission, Gary Jensler.
Jeff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, wrote in a report that if Trump wins the election, Bitcoin could reach $125000 by the end of the year. As of press time, Bitcoin is quoted at $58012, which means it will rise nearly 115%.
Harris' victory also benefits Bitcoin
On the other hand, if the current Democratic candidate Harris wins the election, it will also be beneficial for cryptocurrency.
Although Harris is not as high-profile in supporting Bitcoin as Trump, Kendrick believes that Harris' attitude towards cryptocurrency will be more open than some people imagine compared to Biden.
For example, although Biden has retained a bill to prevent banks from providing digital asset custody, Harris may change direction.
Kendrick estimates that if Harris wins the presidential election, Bitcoin will reach $75000 by the end of this year - although far less than Trump's result, this still exceeds Bitcoin's historical high of nearly $74000.
He wrote in the report, "If Harris wins, we believe that once the market recognizes that regulatory changes under Harris' leadership are still possible, Bitcoin will rise after its initial decline
There are other positive factors as well
Analyst Gautam Chhugani from Bernstein predicts that Bitcoin will soar after Trump's victory, as the market has not yet priced for a potentially relaxed regulatory environment in the future.
He predicts that if Trump wins the election, Bitcoin will rise to $90000 in December.
Meanwhile, Kendrick also listed other positive factors for Bitcoin in the coming months. For example, Bitcoin is expected to benefit from the re steepening of US bond yields, and the inflow of funds into Bitcoin ETFs will also recover.
He stated that although there has been less inflow of funds into Bitcoin ETFs in the past few months, this momentum is often seasonal, and added that risk sentiment is lower this summer.
Kendrick also insists that by the end of next year, whoever is elected president, the price of Bitcoin will reach $200000.