Standard Chartered: Bitcoin will hit a new high before the end of the year, no matter who is elected President of the United States

Standard Chartered analyst Geoff Kendrick predicts that no matter who wins the U.S. presidential election, Bitcoin prices will hit an all-time high before the end of the year. Kendrick pointed out that the price of Bitcoin is driven by a number of positive factors, especially changes in the regulatory environment for digital assets.

BTC may reach a new high before the end of the year

Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, pointed out that compared with when Biden was the Democratic candidate at the beginning, now whether Trump or Harris wins, the impact on the price of Bitcoin is no longer significant, and the market is anticipating the election results. It may also be overvalued, he said:

No matter who wins the US election, I think Bitcoin will climb to new highs before the end of the year. If Trump wins, the price will reach $125,000; if Harris is elected, it may reach $75,000.

Wall Street investment bank Bernstein previously held a similar view, but the Standard Chartered research team is obviously more optimistic about the future market.

( Bernstein predicts: BTC will be worth $90,000 by the end of the year if Trump wins, and it will drop to 30,000 if Harris wins )

U.S. bond market and regulatory progress are key

Kendrick believes that slowing down the regulatory policy on digital assets will be an important factor in promoting the rise of Bitcoin, especially the repeal of the "SAB 121" regulations will relax the accounting rules for banks holding digital assets. No matter who is elected, this matter will continue to be promoted.

( The U.S. House of Representatives failed to overturn Biden’s veto of SAB 121, but the SEC has already opened a backdoor for banks? )

In addition, he pointed out that the development of the U.S. debt market provides benefits for the long-term trend of Bitcoin:

Current trends in the U.S. Treasury market, including a re-steepening of the yield curve and declines in real and risk-neutral yields, are building upward momentum for Bitcoin.

Harris Jinli's winning rate overtakes Trump's

Previously reported, foreign media pointed out that debate observers believed Harris performed better, overwhelming Trump by a disparity of 63% to 37%. Before the debate, there was no difference in expectations between the two (50% vs. 50%).

After the debate, Harris' probability of winning on the prediction platform Polymarket also increased from 46%, surpassing Trump by a slight margin.

( U.S. Presidential Debate: Harris performed well, Bitcoin and crypto stocks fell )

Trump announced on Twitter that his family’s cryptocurrency project, World Liberty Financial, will be officially launched on September 16.

At present, the outside world knows very little about the details of the project. Earlier, the co-founder of Dolomite (Derivatives Protocol) was appointed as a project consultant. He claimed that he hopes to promote the adoption of stable coins and emphasized that he has cooperated with Zokyo, Fuzzland, PeckShield, BlockSecTeam and other resources. In cooperation with security agencies, the code has undergone multiple reviews.

. @WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024