According to Geoff Kendrick, Head of Crypto Analysis at Normal Chartered financial institution, a Donald Trump victory within the 2024 U.S. presidential election may drive Bitcoin to $125,000. Nonetheless, Kendrick notes that new all-time highs (ATHs) for Bitcoin are seemingly regardless 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 result of the election will impression the Bitcoin trade, the dangers of a Harris presidency could also be overstated. “BTC will finish 2024 at recent all-time highs underneath both election end result – [circa] $125,000 stage underneath Trump or c.$75,000 stage underneath Harris,” Kendrick wrote. Whereas a Harris win may initially end in 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 trade that Harris might undertake a extra hostile stance towards Bitcoin, Kendrick believes that her administration can be “a lot much less damaging” for digital property than a second Biden administration. Moreover, Normal Chartered maintains its bullish outlook, forecasting that Bitcoin will hit $200,000 by the tip of 2025, no matter who wins this yr’s election.
The 2024 election has drawn consideration to the differing approaches to Bitcoin regulation by the 2 candidates. Trump has turn out to be an ally to the Bitcoin trade, talking on the Bitcoin 2024 convention in Nashville this summer time, the place he expressed assist for Bitcoin. The Republican Nationwide Committee has additionally included Bitcoin in its platform, pledging to defend the fitting to mine Bitcoin and shield self-custody.
In distinction, Vice President Kamala Harris has remained silent on the difficulty, opting not to attend the Bitcoin convention. The Democratic Social gathering’s platform makes no mention of Bitcoin or cryptocurrency, which has led to considerations throughout the trade concerning the potential regulatory setting underneath a Harris administration. Though Harris has not publicly proven hostility to crypto, some concern 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.