Standard Chartered has provided forecasts on Bitcoin’s potential price movement by the end of 2024, depending on who wins the U.S. presidential election. According to their analysis, Bitcoin could experience significant gains if Donald Trump, who has recently adopted a pro-crypto stance, is elected. The bank predicts that Bitcoin could rise to $125,000 by the end of the year if Trump becomes president, reflecting a nearly 117% increase from its current price of $57,633.
Trump’s favorable stance towards cryptocurrencies includes plans to eliminate restrictive regulations and hold a substantial amount of Bitcoin in a national stockpile. This shift in policy is expected to have a positive impact on Bitcoin’s value.
On the other hand, if Kamala Harris, the Democratic nominee, wins, Bitcoin is projected to reach $75,000 by year-end. While this is lower than the forecast under a Trump presidency, it still represents a significant increase from Bitcoin’s current all-time high of approximately $74,000. Harris is expected to be more open to crypto regulation changes than the current administration but less aggressive than Trump.
For traders, these predictions highlight the potential volatility and opportunities in Bitcoin’s market based on political outcomes. Keeping track of the election results and any associated regulatory changes could be crucial for making informed trading decisions.
