Bitcoin would reach $150,000 with a Trump victory: Standard Chartered

According to Standard Chartered bank, bitcoin (BTC) could reach $150,000 if in November 2024 Donald Trump defeats Joe Biden in the United States presidential election.

This was expressed this Thursday by Geoffrey Kendrick, head of digital assets and Forex research at the banking institution. For the director of the British bank, the re-election of former President Trump would boost the cryptocurrency industry and cause greater adoption of the digital ecosystem:

“As we get closer to the US elections, I expect bitcoin to reach $100,000 and then $150,000 by the end of the year in the event of a Trump victory.”

Geoffrey Kendrick, head of digital assets and forex research at Standard Chartered.

In addition, he criticized the Biden administration for having vetoed, on June 1, the SAB 121 of the SEC. This regulation imposed in March 2022 dictates that institutions that custody cryptocurrencies record these holdings as liabilities on their balance sheets.

This decision by Biden was questioned by some investors in the digital ecosystem and generated uncertainty regarding his possible re-election and how this would impact bitcoin. This was one of the reasons why Kendrick stated that a new Trump mandate would imply an increase in the price of BTC.

In turn, the executive continued his analysis by arguing that BTC could reach $80,000 by the end of June and pointed out another projection of bitcoin for the future:

“Notably, a price of $150,000 by the end of 2024 would see Bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap reached yesterday.” .

Geoffrey Kendrick, head of digital assets and forex research at Standard Chartered.

With respect to this last point, through the graph extracted from the CompaniesMarketCap financial platform, you can see the list of the assets and companies with the highest market capitalization in the world. Among all of them, bitcoin occupies ninth place with a figure of almost 1.4 trillion dollars. Although it still has almost half of the way to reach the amount of 3 trillion dollars mentioned by Kendrick, it is worth clarifying that BTC was launched on the market in 2009, which makes it a much younger asset than its competitors. The technology company Nvida, for example, was created 31 years ago, in 1993.

Why would the price of bitcoin rise if Trump won the US election?

Bitcoin seems to have been introduced into a country’s elections in a way that had not happened until now. In the United States, the dispute between the current president, Joe Biden, and his rival, Donald Trump, places the latter as the defender of the digital ecosystem.

Trump, who was already president of his country between 2017 and 2021, had shown a distant stance from the digital currency ecosystem. For example, in 2019, when he first spoke publicly about bitcoin, he stated that it “facilitates illegal activities” (which may be true, but it does not give a complete picture of what bitcoin can do).

However, this behavior began to change in 2024. Trump not only criticized the Biden government for its regulatory hostility against cryptocurrency companies, but also judged it to be ignorant on this issue.

Also earlier this year he expressed that he accepted digital assets to finance his campaign and expressed his sympathy for NFTs and cryptocurrencies in general, not just BTC.

On the other hand, one of the former president’s most forceful statements was that of May 25 in which he assured that his intention was that “the future of cryptocurrencies is made in the US.”

Finally, added to all this, in another intervention related to the cryptocurrency community, he expressed his desire to free Ross Ulbricht, who was sentenced in 2015 to a prison sentence of two life sentences of more than 40 years. Ulbricht was found guilty of enabling drug trafficking in a market in the deep web created by him, Silk Road, using bitcoin.

Due to all these issues mentioned, which demonstrate a close stance from Trump towards cryptocurrenciesis that the digital currency ecosystem is waiting for the final result that will be known on November 5, 2024 since it could drive a new bullish movement of bitcoin.

Standard Chartered’s predictions occur in a bullish context for bitcoin

As reported in CriptoNoticias, Standard Chartered on March 19, 2024 had already announced a prediction for bitcoin. At that time, he noted that BTC could reach $250,000 by the end of 2025.

That forecast has a point in common with what was announced today by Geoffrey Kendrick. And these statements arise in the midst of a bullish climatethe product of a week in which bitcoin ETFs received record inflows.

In that week of March, The flow of money from spot funds impacted and pushed bitcoin to its all-time high of $73,800., on the 14th of that month. But this upward movement in the price of bitcoin, as seen in the following chart from the TradingView platform, began in January with the implementation of bitcoin ETFs in the US.

On the other hand, the following graph, issued by the Farside financial platform, shows day by day the money inflows presented by the different US bitcoin ETFs. Tuesday, June 4, was the second day with the highest income with a figure of 887 million dollars acquired. While on Wednesday the 5th, the amount reached 488 million dollars.

Because ETF management companies must buy bitcoin to back the funds, the arrival of more capital to the ETFs ends up being bullish for the price of the digital currency, due to the simple law of supply and demand.