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Harvey Hunter
Junior Content Creator
Harvey Hunter
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Bitcoin is expected to end the year at new all-time highs regardless of who wins the US election, according to Investment Bank Standard Chartered analyst Geoff Kendrick.
In a September 12th Standard Chartered report, Kendrick suggested that Bitcoin could reach new all-time highs by the end of 2024 due to “positive drivers dominating regardless of the election outcome.” He stated:
I think Bitcoin ends the year higher, at new all-time highs, no matter who wins the U.S. election, with a Trump win taking it to $125,000 and $75,000 if it’s Harris.
Kendrick also noted that the U.S. presidential election’s impact on Bitcoin’s future trajectory matters less than it did when Joe Biden was the Democratic candidate.
Trump vs. Harris: How Does The Election Impact Bitcoin?
Notably, Former President Donald Trump’s stance on cryptocurrencies has evolved over time. Despite previously criticizing Bitcoin as a “scam,” he has recently changed his tune.
Trump had previously criticized the Biden Administration for its harsh stance on Bitcoin and cryptocurrencies, instead advocating to make the US the global “crypto capital” if re-elected.
He has continued to support the sector, most recently endorsing his sons’ upcoming crypto platform, World Liberty Financial.
Meanwhile, critics argue that Vice President Kamala Harris’s affiliation with the current Biden administration may harm her relationship with the crypto community. Kendrick cited this as a factor that “would likely trigger an initial price decline” if she were elected.
However, reports suggest that Vice President Kamala Harris could be more open to digital assets than her predecessor, Joe Biden, though she has yet to release a formal policy framework on the matter.
Kendrick cited this as grounds for optimism, advising investors to “expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold.”
Currently, Kamala Harris and Trump are now deadlocked at 49% odds on Polymarket as bettors try to forecast the next U.S. president.
Key Drivers: What Will Push Bitcoin to New Highs?
Kendrick pointed to “progress on relaxing regulations” as a significant positive factor for Bitcoin’s price growth.
Specifically, the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings, is expected to continue “no matter who is in the White House,” with progress taking longer under a Harris presidency.
A re-steepening of the US Treasury curve is also “building positive momentum” for bitcoin, the report noted.
Meanwhile, Standard Chartered analyst added that he expects a seasonal rebound in spot bitcoin exchange-traded funds (ETFs) inflows in October.
This all cumulates into what is expected to be a monumental quarter for Bitcoin as it pushes to surpass its past high of $73,750.07 – a sentiment shared among other analysts.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
