In line with Geoff Kendrick, Head of Crypto Analysis at Customary Chartered financial institution, a Donald Trump victory within the 2024 U.S. presidential election might drive Bitcoin to $125,000. Nonetheless, Kendrick notes that new all-time highs (ATHs) for Bitcoin are probably irrespective of who wins the election, with Bitcoin nonetheless anticipated to hit $75,000 if Vice President Kamala Harris secures the presidency.
Within the new report, Kendrick defined that whereas the end result of the election will affect the Bitcoin business, the dangers of a Harris presidency could also be overstated. “BTC will finish 2024 at recent all-time highs beneath both election consequence – [circa] $125,000 degree beneath Trump or c.$75,000 degree beneath Harris,” Kendrick wrote. Whereas a Harris win might initially lead to a worth decline, he emphasised that “dips can be purchased because the market acknowledges that progress on the regulatory entrance will nonetheless be forthcoming.”
Regardless of considerations throughout the business that Harris could undertake a extra hostile stance towards Bitcoin, Kendrick believes that her administration can be “a lot much less destructive” for digital belongings than a second Biden administration. Moreover, Customary Chartered maintains its bullish outlook, forecasting that Bitcoin will hit $200,000 by the top of 2025, no matter who wins this 12 months’s election.
The 2024 election has drawn consideration to the differing approaches to Bitcoin regulation by the 2 candidates. Trump has grow to be an ally to the Bitcoin business, talking on the Bitcoin 2024 convention in Nashville this summer time, the place he expressed help for Bitcoin. The Republican Nationwide Committee has additionally included Bitcoin in its platform, pledging to defend the proper to mine Bitcoin and defend self-custody.
In distinction, Vice President Kamala Harris has remained silent on the problem, opting to not attend the Bitcoin convention. The Democratic Social gathering’s platform makes no point out of Bitcoin or cryptocurrency, which has led to considerations throughout the business concerning the potential regulatory setting beneath a Harris administration. Though Harris has not publicly proven hostility to crypto, some worry a continuation of the stricter regulatory insurance policies seen throughout President Joe Biden’s time period, notably formed by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler.
