Bitcoin Will Soar To $125K This Year If Trump Becomes President, $75K If Harris Triumphs, Standard Chartered Says

Updated: 12 September 2024

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Bitcoin could soar to $125K by the end of the year if Donald Trump wins the presidential election in November, and $75K if Kamala Harris takes the White House, Standard Chartered said

Although the result of the US presidential election is important for the crypto sector, the outcome matters less than when Joe Biden was the Democratic candidate, said global head of digital assets research Geoff Kendrick in a Sept. 12 report.

Regardless of who wins the election, Bitcoin will still reach a new all-time high by the end of the year, he added.

SAB 121 Progress Will Continue In 2025 No Matter Who Wins

Kendrick also believes that progress on the repeal of SAB 121 will continue next year “no matter who is in the White House.” He added, however, that it would take longer if Harris becomes president.

SEC appears dug in on SAB 121…

They simply don’t want to provide *regulated* financial institutions w/ ability to custody crypto.

Apparently prefer company they allowed to IPO & then sued to custody vast majority of spot btc ETF assets.https://t.co/YS0NcROmM8 pic.twitter.com/KjXvys0SNj

— Nate Geraci (@NateGeraci) September 10, 2024

Kendrick added that a re-steepening of the US Treasuries curve is also “building positive momentum” for the largest crypto by market cap.

A Drop In The Bitcoin Price After A Harris Victory Is A Buying Opportunity

Bitcoin has risen more than 122% in the last year, with some analysts saying that the market leader’s strong performance is tied to growing anticipation of the US election.

BTC climbed more than 2% in the past 24 hours to trade at $58,080.35 as of 8:22 a.m. EST.

If Harris does win the election, Kendrick warns that there might be a temporary drop in the BTC price. However, he believes that any decrease in the crypto’s value will likely be seen as an opportunity to buy the dip by investors who recognize that regulatory progress will still happen.