Standard Chartered is optimistic about the future of bitcoin, predicting that it could soar to $100,000 as the U.S. presidential election draws near, with the possibility of reaching $150,000 if former President Donald Trump secures a victory. The bank's head of digital asset research, Geoff Kendrick, attributes this bullish forecast to Trump's perceived support for cryptocurrency, which is expected to create a favorable regulatory environment for the market.
In a recent research note, Kendrick expressed his belief that bitcoin's price could hit $100,000 leading up to the election and potentially climb to $150,000 by the end of the year if Trump emerges victorious. Standard Chartered had previously stated in May that a second term for Trump would be beneficial for the crypto industry due to anticipated regulatory support.
Furthermore, Kendrick speculated that the Securities and Exchange Commission (SEC) may approve spot ethereum exchange-traded funds (ETFs) in the future, with other coins like SOL and XRP potentially following suit. He suggested that the path to ETF status for these currencies may be a story for 2025 rather than 2024.
Despite his initial skepticism towards cryptocurrencies, Trump has shifted his stance and now recognizes the growing popularity of bitcoin. He has vowed to oppose President Joe Biden's anti-crypto policies and has advocated for favorable regulations for digital assets. Trump has even ventured into the world of non-fungible tokens (NFTs), launching three collections since leaving office.
Former CFTC Chairman Christopher Giancarlo has labeled Trump as "America's first crypto president," noting that bitcoin futures were approved during his administration. However, Trump's legal troubles have also made headlines, with him being found guilty of 34 felony counts at the end of May.
What are your thoughts on the potential price surge of bitcoin and the outcome of the U.S. presidential election? Share your opinions in the comments below.