Bitcoin Could Plummet To $50k If Joe Biden Exits Presidential Race, Soar To $100k If He Remains, Standard Chartered Says

BySteven Walgenbach

Updated: 03 July 2024

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Bitcoin could plunge to $50k if President Joe Biden drops out of the race to be US president, and soar to $100k by November if he stays the course, Standard Chartered said.

Biden continuing his presidential candidacy would offer Bitcoin investors a “fantastic buying opportunity,” said head of forex and digital assets research, Geoffrey Kendrick.

In that case, Bitcoin could hit a new all-time high in August and skyrocket to $100,000 by the November presidential election, Kendrick said.

Positive Correlation Between Bitcoin Price And Trump’s Electoral Odds

That’s because there is a positive correlation between Donald Trump’s electoral odds and the BTC price, he added.

Both crypto regulation and crypto mining would be looked at more favorably under Trump, he added.

Trump’s campaign has demonstrated a pro-crypto stance in recent months. Not only did the former president start accepting campaign donations in digital assets, he also told some of the largest BTC miners that he wants to produce all of the remaining Bitcoin in America.

He added that he would advocate for BTC miners in the White House if elected.

Trump also said he wants to become the “crypto president” at a fundraiser in San Francisco on June 6, according to a Reuters report that cited three people present at the event.

So. I just ran into a guy that’s a huge fan of #bitcoin and LOVES what we’re doing at @CleanSpark_Inc in #georgia and #mississippi and #wyoming. pic.twitter.com/ofSXJGWWfn

— S Matthew Schultz (@smatthewschultz) June 11, 2024

Bitcoin Could Join Nvidia In The $3 Trillion Market Cap Club

This is not the first bullish prediction by Kendrick. Last month, the analyst forecast that the king of cryptos could soar to $150,000 by the end of the year. He also forecast that the BTC price could surge to $200,000 by 2025.

Should BTC soar to $150,000 by the end of 2024, it will join the “$3 trillion club in terms of market cap,” Kendrick said. Nvidia recently reached the same milestone.