Bitcoin
Bitcoin will reach $150,000 if Trump wins the presidency: Standard Chartered
The US presidential election has emerged as the next key catalyst for the price of bitcoin and could push it towards $150,000 by the end of the year, according to Standard Chartered. Following the launch of bitcoin ETFs in the US earlier this year, crypto has become an issue of growing, bipartisan interest in Washington. Historically, the US has maintained a predominantly anti-cryptocurrency stance, but more recently, lawmakers have raised questions about how long this can or should continue. “As we get closer to the US elections, I expect $100,000 and then $150,000 to be reached by the end of the year in the event of a Trump victory,” wrote Geoff Kendrick, head of research of Standard Chartered digital assets, on bitcoin. After Friday’s big jobs report, “BTC’s next big driver will be the US elections,” he added. “The Biden administration recently showed pragmatism in approving ETH ETFs, but Biden later vetoed efforts to repeal SAB 121. Therefore, Trump is still friendlier than Biden.” SAB 121 refers to a Securities and Exchange Commission accounting policy that requires banks to treat digital assets as liabilities on their books. Bitcoin could hit a new record over the weekend if Friday’s nonfarm payrolls report is friendly, Kendrick said. That would pave the way for $80,000 later this month. The cryptocurrency’s current record, reached on March 14, is $73,797.68.
The US presidential election has emerged as the next key catalyst for the price of bitcoin and could push it towards $150,000 by the end of the year, according to Standard Chartered.
Following the launch of bitcoin ETFs in the US earlier this year, crypto has become an issue of growing, bipartisan interest in Washington. Historically, the US has maintained a predominantly anti-cryptocurrency stance, but more recently, lawmakers have raised questions about how long this can or should continue.
“As we get closer to the US elections, I expect $100,000 and then $150,000 to be reached by the end of the year in the event of a Trump victory,” wrote Geoff Kendrick, head of research of Standard Chartered digital assets, on bitcoin.
After Friday’s big jobs report, “BTC’s next big driver will be the US elections,” he added. “The Biden administration recently showed pragmatism in approving ETH ETFs, but Biden later vetoed efforts to revoke SAB 121. So Trump is still friendlier than Biden.”
SAB 121 refers to a Securities and Exchange Commission accounting policy that requires banks to treat digital assets as liabilities on their books.
Bitcoin could hit a new record over the weekend if Friday’s nonfarm payrolls report is friendly, Kendrick said. That would pave the way for $80,000 later this month. The cryptocurrency’s current record, reached on March 14, is $73,797.68.