In keeping with Geoff Kendrick, Head of Crypto Analysis at Customary Chartered financial institution, a Donald Trump victory within the 2024 U.S. presidential election might drive Bitcoin to $125,000. Nevertheless, Kendrick notes that new all-time highs (ATHs) for Bitcoin are seemingly regardless of who wins the election, with Bitcoin nonetheless anticipated to hit $75,000 if Vice President Kamala Harris secures the presidency.
Within the new report, Kendrick defined that whereas the end result of the election will affect the Bitcoin business, the dangers of a Harris presidency could also be overstated. “BTC will finish 2024 at contemporary all-time highs underneath both election final result – [circa] $125,000 stage underneath Trump or c.$75,000 stage underneath Harris,” Kendrick wrote. Whereas a Harris win might initially end in a value decline, he emphasised that “dips can be purchased because the market acknowledges that progress on the regulatory entrance will nonetheless be forthcoming.”
Regardless of considerations inside the business that Harris might undertake a extra hostile stance towards Bitcoin, Kendrick believes that her administration can be “a lot much less destructive” for digital property than a second Biden administration. Moreover, Customary Chartered maintains its bullish outlook, forecasting that Bitcoin will hit $200,000 by the top of 2025, no matter who wins this yr’s election.
The 2024 election has drawn consideration to the differing approaches to Bitcoin regulation by the 2 candidates. Trump has change into an ally to the Bitcoin business, talking on the Bitcoin 2024 convention in Nashville this summer time, the place he expressed assist for Bitcoin. The Republican Nationwide Committee has additionally included Bitcoin in its platform, pledging to defend the precise to mine Bitcoin and defend self-custody.
In distinction, Vice President Kamala Harris has remained silent on the difficulty, opting to not attend the Bitcoin convention. The Democratic Get together’s platform makes no point out of Bitcoin or cryptocurrency, which has led to considerations inside the business in regards to the potential regulatory atmosphere underneath a Harris administration. Though Harris has not publicly proven hostility to crypto, some worry a continuation of the stricter regulatory insurance policies seen throughout President Joe Biden’s time period, notably formed by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler.
