Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent remarks from Standard Chartered regarding the potential price of Bitcoin by the end of 2024, depending on who wins the United States Presidential Election.
Trump or Harris
Standard Chartered expects the results of the upcoming United States Presidential Election to have an impact on Bitcoin, specifically leading its price to new highs. On Thursday the 12th of September they projected an end-2024 price target for Bitcoin to range from $75,000 to $125,000, depending on the outcome of the election.
A win for Harris in the race would likely initially see the market drop, but regardless of who wins the US election a new all-time high is expected by the end of the year. This is according to investment Bank Standard Chartered analyst Geoff Kendrick. As part of a Standard Chartered report on the 12th of September 2024, Kendrick noted the belief that Bitcoin could reach new all-time highs by the end of 2024. This would be due to “positive drivers dominating regardless of the election outcome.”
Kendrick stated a belief that no matter who wins the U.S. election we will see new highs for Bitcoin, 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 is less important now than it was when Joe Biden was the Democratic candidate.
The firm's forecast reflects a broader positive outlook on Bitcoin and digital assets industry and this is expected to be driven by more than just the election outcome. Standard Chartered's generally optimistic view on the cryptocurrency's future would represent a new all-time high for Bitcoin, and the firm noted:
"Progress on relaxing regulations – particularly the repeal of SAB 121, which imposes stringent accounting rules on banks' digital asset holdings – will continue in 2025 no matter who is in the White House; it would just be slower under a Harris presidency."
Given Former President Donald Trump’s evolving stance on cryptocurrencies over time, especially considering he once referred to Bitcoin as a scam but now is a driving force in wanting to implement the United States as the Bitcoin and crypto capital of the world, it is likely that a win for Trump could have a very positive impact on crypto in general. Trump criticised the Biden Administration for its harsh stance on Bitcoin and cryptocurrencies in the past but it is unclear how his rival Harris will treat digital assets.
Critics have argued that a win for current Vice President Kamala Harris could see her take a more favourable stance towards digital assets than her predecessor, Joe Biden. Given her current affiliation with the current Biden administration, she likely has a strained relationship with the crypto community and a win for Harris “would likely trigger an initial price decline.” She has yet to release any formal policy framework in terms of crypto or digital assets, so it is somewhat of the unknown for now.
Standard Chartered and Kendrick also referred to expected positive momentum from developments in US Treasury markets and a seasonal rebound in Bitcoin ETF inflows in October to help push the price towards a new all-time high. The firm stated:
"Current developments in US Treasury markets – a re-steepening curve, with breakevens falling less than real yields and risk-neutral yields falling while term premium is stable – are building positive momentum for BTC."
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.” All in all it is expected to be a monumental quarter for Bitcoin as it looks to push past its past high of $73,750.07.
Have a great day.
Peace. CryptoGod-1.
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