Geoff Kendrick, the Head of Crypto Research at Standard Chartered, has made an intriguing prediction about Bitcoin’s future based on the outcome of the 2024 U.S. presidential election. According to Kendrick, if Donald Trump wins re-election, Bitcoin could potentially surge to $125,000. This projection is based on Trump’s favorable stance towards Bitcoin, which includes his participation in the Bitcoin 2024 conference and the Republican National Committee’s support for Bitcoin mining and self-custody.
In contrast, if Vice President Kamala Harris wins the presidency, Kendrick forecasts that Bitcoin might reach around $75,000. Despite this lower figure compared to the Trump scenario, Kendrick believes that Bitcoin will still achieve new all-time highs under Harris’s administration. He suggests that initial concerns about a Harris presidency leading to a price drop are overstated. Kendrick anticipates that any dips in Bitcoin’s price under Harris would be temporary, as the market would recognize that regulatory progress is still expected.
Kendrick further explains that while the election outcome will have an impact on the Bitcoin market, it is unlikely to significantly alter the long-term bullish outlook for Bitcoin. Standard Chartered remains optimistic, projecting that Bitcoin will hit $200,000 by the end of 2025, regardless of who wins the 2024 election.
The differing attitudes of Trump and Harris towards Bitcoin regulation have been a significant factor in shaping market expectations. Trump has shown strong support for Bitcoin, whereas Harris has not publicly addressed Bitcoin or cryptocurrency issues, leading to concerns about potentially stricter regulations if she were to win. The Democratic Party’s platform has not included Bitcoin or cryptocurrency, which contrasts with Trump’s active endorsement and the Republican Party’s stance on protecting Bitcoin-related activities.
