Trump Presidency Could Propel Bitcoin to $125K, Harris to $75K
Bitcoin will surge to never-seen-before highs in 2024, irrespective of whether Vice President Kamala Harris or former President Donald Trump wins the United States presidential race, says Geoff Kendrick, an analyst at Investment Bank Standard Chartered. Kendrick thinks that Bitcoin could surge to $125,000 in case former President Donald Trump gets re-elected, while in the case of Vice President Kamala Harris, the prices may soar to $75,000.
A 2024 Bitcoin Surge on the Horizon
Kendrick believes that the leading cryptocurrency is poised for a breakout, with “positive drivers dominating regardless of the election outcome,” he said in a report dated September 12. He explained: “I think Bitcoin ends the year higher, at new all-time highs, no matter who wins the U.S. election, with a Trump win taking it to $125,000 and $75,000 if it’s Harris.
He affirmed that the U.S. presidential election wouldn’t have as strong of an influence on Bitcoin this time around, as it had in previous election cycles, especially when Joe Biden was a candidate.
Trump vs. Harris: The Crypto Connection
While Trump once had a negative view of cryptocurrencies going as far as to call Bitcoin a “scam” he has warmed up to the idea of late. Trump has publicly criticized the Biden administration for its regulation of Bitcoin and promised to make the United States the crypto leader of the world if he is again elected to the presidency. He has also hinted at support for World Liberty Financial, a crypto platform founded by his sons.
Crypto community would be skeptical about Kamala Harris, though, as she is under the Biden administration. However, there have been indications that she might be more friendly with the digital assets than her predecessor, Joe Biden. Kendrick insinuated that Bitcoin would see an initial sell-off under Harris’ rule but remains long-term optimistic of further regulation for the tokens.
Long-term Drivers of Bitcoin’s Price Appreciation
In any event, Kendrick added, there will be more regulatory development regarding particularly the repeal of SAB 121, which imposes strict rules on the holding of digital assets by banks. The U.S. Treasury curve also indicates some positivity for Bitcoin.
Another factor that might help Bitcoin this October is the expected rise in Bitcoin ETF inflows, which could drive the cryptocurrency’s price higher in the final quarter of 2024.
Will Bitcoin Reach a New All-Time High?
Regulatory progress, seasonal investment trends, and the U.S. election are in place to help Bitcoin edge above its previous high of $73,750.07. Given that Trump and Harris are each at 49% chances for winning the presidency if Polymarket odds are any guide, Bitcoin’s next move may rest with who comes out on top-but either way, the cryptocurrency appears set for a monumental 2024.
