Key facts:
Standard Chartered believes there could be a temporary sell-off if Harris is elected.
For Geoff Kendrick, executive of the bank, regulatory changes are a positive factor for BTC.
British bank Standard Chartered has made projections on the price of bitcoin (BTC) for the end of 2024, suggesting that the digital currency could reach new all-time highs regardless of who wins the US presidential election.
According to Geoff Kendrick, the bank’s global head of digital asset research, Bitcoin could reach USD 125,000 if Donald Trump is re-electedor $75,000 if Kamala Harris wins.
In analyst Indian that while the outcome of the US presidential election is relevant to digital assets, its impact is minor compared to the period when Joe Biden was the Democratic candidate, and is also less significant than markets tend to perceive.
In the scenario of a Harris victory, Kendrick expects an initial bitcoin sell-off. However, he predicts that these declines will be quickly bought by investors, who will recognize that regulatory progress will continue, albeit at a slower pace, and that other positive catalysts will become relevant.
As Kendrick sees it, bitcoin has the potential to reach new all-time highs because the “positive factors” driving its value will prevail regardless of who wins the election.
Kendrick highlighted that regulatory changes are part of those positive factors for bitcoin. “Progress in regulatory relaxation — particularly the repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings — will continue into 2025 regardless of who is in the White House,” he said.
Another factor mentioned by Kendrick is the evolution of the US Treasury markets, indicating that these developments are providing a positive boost for bitcoin.
“We believe that current developments in the US Treasury markets — a steepening curve again, with breakevens falling by less than real yields and risk-neutral yields falling while the term premium is stable — are generating positive momentum for bitcoin,” he noted.
The bank also expects an increase in capital inflows into bitcoin spot exchange-traded funds (ETFs) next month, which could contribute to the cryptocurrency’s price rally.
Standard Chartered has been known for its recurring predictions about bitcoin. Previously, the bank had suggested that bitcoin could surpass USD 250,000 by 2025, as reported by CriptoNoticias.
This article was created using artificial intelligence and edited by a human on the editorial staff.
