- Bitcoin price could potentially double by the end of the year, with projections suggesting it may reach $150,000 if Trump wins the upcoming election.
- According to Standard Chartered, Bitcoin could see a 40% increase in value within the next few months.
- Geoffrey Kendrick of Standard Chartered anticipates Bitcoin hitting $100,000 as the U.S. elections approach, surging to $150,000 if Trump emerges victorious.
Explore how U.S. election outcomes could drive Bitcoin prices to unprecedented heights, reaching up to $150,000 by year-end under favorable conditions.
Potential for Bitcoin to Double by Year-End
In a striking projection, Standard Chartered’s digital asset research head Geoffrey Kendrick forecasts that Bitcoin could touch $100,000 as the U.S. elections draw nearer. Should Trump secure a win, the cryptocurrency might climb to an astonishing $150,000 by the end of 2024, resulting in a market valuation surpassing $3 trillion.
Influence of U.S. Political Landscape on Bitcoin
Kendrick elaborates on the impact of U.S. political dynamics on cryptocurrency markets. Citing the contrasting approaches of the Biden and Trump administrations, he notes that while the Biden administration has shown pragmatic tendencies by approving spot Ethereum ETFs, Trump’s potential return might inject even more optimism into the crypto sphere. The Biden administration’s veto of the legislation to overturn SEC’s SAB 121, which complicates crypto holdings by financial institutions, underscores the regulatory challenges under the current leadership.
Anticipating a Record-Breaking Weekend
Financial markets are keenly awaiting the non-farm payroll data from the U.S., a key economic indicator. Standard Chartered’s analysis suggests that favorable employment data could propel Bitcoin to new highs over the weekend. Kendrick predicts that these figures might set the stage for Bitcoin to reach $80,000 by the end of June.
Conclusion
Bitcoin’s trajectory appears to be closely intertwined with the geopolitical and economic developments in the U.S. With the forthcoming elections acting as a significant catalyst, the potential for record-breaking prices looms large. As investors monitor these unfolding events, the financial landscape could witness a transformative shift in cryptocurrency valuation.
