TL;DR
- Standard Chartered expects the US presidential election to impact the price of Bitcoin, possibly reaching $150,000 by the end of the year.
- Bipartisan interest in cryptocurrencies is increasing in Washington, especially following the launch of BTC exchange-traded funds in the United States.
- Geoffrey Kendrick of Standard Chartered suggests that a Trump victory could benefit the cryptocurrency market more than a second Biden term.
The value of Bitcoin (BTC) is closely linked to the political landscape of the United States, according to a recent analysis by Standard Chartered.
The possibility of a re-election of Donald Trump as president could drive the price of the cryptocurrency to new highs, possibly reaching $150,000 by the end of 2024.
This is partly due to growing bipartisan interest in cryptocurrencies in Washington, with the recent approval of Bitcoin exchange-traded funds in the United States marking a significant milestone in the industry.
Geoffrey Kendrick, digital assets expert at Standard Chartered, notes that interest in Bitcoin is closely linked to government policies.
While the Biden administration has shown some openness in approving Ethereum exchange-traded funds , the decision to veto efforts to repeal SAB Accounting Policy 121 has created uncertainty in the cryptocurrency market.
Kendrick suggests that a Trump victory in the election would be perceived as more favorable for the cryptocurrency market, which could drive the price of Bitcoin even higher.
The role of elections in the Bitcoin market
Kendrick‘s analysis also highlights the importance of economic reports, such as the non-farm payrolls report, on the price of Bitcoin.
If these reports show favorable results, we could see an increase in the price of BTC in the short term, potentially surpassing $80,000.
This initial push could lay the groundwork for reaching the more ambitious goal of $150,000 by the end of the year.
As we approach the US presidential election, the cryptocurrency market will be keeping an eye on potential changes in government policies and their impact on the price of Bitcoin.
Political and economic uncertainty will continue to be a key factor in market volatility, and investors will need to be prepared to adapt to any changes in the political landscape.
