- Standard Chartered, a leading UK-based bank, has reiterated its end-of-2024 target for Bitcoin at $150,000 and its 2025 target at $200,000.
- The bank suggests that a potential victory for Donald Trump in the US elections could be positive for Bitcoin and other cryptocurrencies.
- Standard Chartered believes that an increase in US financial dominance risk, due to the FED profiting from government debts, could drive investors to seek alternative assets, thereby boosting Bitcoin and other cryptocurrencies.
Standard Chartered has reiterated its bullish outlook for Bitcoin, suggesting that a potential Trump victory and an increase in US financial dominance risk could drive the cryptocurrency’s price upwards.
Standard Chartered’s Bitcoin Price Prediction
Standard Chartered had previously increased its end-of-2024 Bitcoin price prediction to $150,000. In a recent report, the bank expressed a long-term bullish outlook for Bitcoin, suggesting that a potential Trump victory in the US elections could be positive for Bitcoin and other cryptocurrencies.
Impact of US Financial Dominance Risk
According to a report by Coindesk, Standard Chartered stated that the FED’s profiting from government debts has increased the risk of US financial dominance. This, coupled with investors’ search for alternative assets, could be supportive for Bitcoin and other cryptocurrencies. The bank’s analyst, Geoff Kendrick, wrote in the report, “In a scenario where the risk of US financial dominance increases, we believe Bitcoin will provide a good hedge against the dollarization and a decrease in confidence in the US Treasury market.”
Trump’s Potential Victory and Bitcoin
Furthermore, Kendrick suggested that a potential Trump victory could also support the rise of Bitcoin. He stated, “In addition to the passive support from Bitcoin’s dollarization, we expect a second Trump administration to actively support Bitcoin through looser regulations and spot ETFs.”
Conclusion
In conclusion, Standard Chartered remains bullish on Bitcoin, reiterating its end-of-2024 target at $150,000 and its 2025 target at $200,000. The bank believes that an increase in US financial dominance risk and a potential Trump victory could drive the cryptocurrency’s price upwards.
