According to Geoff Kendrick, Head of Crypto Analysis at Commonplace 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 possible 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 influence 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 final result – [circa] $125,000 stage underneath Trump or c.$75,000 stage underneath Harris,” Kendrick wrote. Whereas a Harris win might initially lead to a value decline, he emphasised that “dips can be purchased because the market acknowledges that progress on the regulatory entrance will nonetheless be forthcoming.”
Regardless of issues throughout the trade that Harris might 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, Commonplace 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 develop into an ally to the Bitcoin trade, talking on the Bitcoin 2024 convention in Nashville this summer season, the place he expressed help for Bitcoin. The Republican Nationwide Committee has additionally included Bitcoin in its platform, pledging to defend the best to mine Bitcoin and defend self-custody.
In distinction, Vice President Kamala Harris has remained silent on the problem, opting not to attend the Bitcoin convention. The Democratic Social gathering’s platform makes no mention of Bitcoin or cryptocurrency, which has led to issues throughout the trade in regards to the potential regulatory surroundings underneath 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.
