- British banking giant, Standard Chartered, predicts a potential boost for Bitcoin if Donald Trump wins the upcoming US Presidential election.
- According to the bank’s digital assets researcher, Geoffrey Kendrick, a second Trump administration would likely be less strict on Bitcoin than a potential Biden administration.
- Trump, who was previously known for his anti-crypto stance, has recently shown a more favorable attitude towards digital assets.
Standard Chartered predicts a potential Bitcoin boom if Donald Trump secures a second term as US President, citing a likely softer stance on digital assets compared to a Biden administration.
Trump’s Shift Towards Crypto
Donald Trump, who was once known for his anti-crypto stance, has recently shown a more favorable attitude towards Bitcoin and other digital assets. In a March interview, the former US President stated that he had enjoyed making money and experimenting with cryptocurrencies. “I make money with it, I have fun with it too,” he said. “Crazy new currencies, that’s what I call them. They’re crazy new currencies, whether it’s Bitcoin or others.”
Impact on Bitcoin’s Market Value
According to Geoffrey Kendrick, a digital assets researcher at Standard Chartered, a second Trump administration could lead to a surge in Bitcoin’s market value. Kendrick suggests that if Trump wins the election, foreign official buyers of US treasuries may shift to alternative financial assets like Bitcoin out of caution, pushing the asset’s price up. The researcher also noted that import tariffs under a Trump presidency could lead to large reserve managers buying BTC in 2025.
Standard Chartered’s Bitcoin Predictions
Last month, Standard Chartered predicted that the newly approved Bitcoin exchange-traded funds (ETFs) will continue to be popular, and inflows could lead the price of Bitcoin to skyrocket to $150,000 by the end of this year. This prediction aligns with the bank’s overall positive outlook on the future of digital assets, particularly if Trump secures a second term as US President.
Conclusion
As the US Presidential election approaches, the potential impact on Bitcoin and other digital assets remains a topic of interest. With Trump’s recent shift towards a more favorable view of cryptocurrencies, a second term could potentially boost Bitcoin’s market value. However, the future of digital assets remains uncertain and dependent on various factors, including regulatory stances and market dynamics.
