According to the latest forecasts shared by the London bank Standard Chartered in an email sent yesterday to The Block, Bitcoin will reach the price target of 150,000 dollars by the end of the year if Donald Trump wins the United States presidential elections in November.
The victory of the Republican could indeed make the American government, always opposed to the world of digital assets, favorable to the expansion of the cryptographic industry and its regulatory framework.
Bitcoin in this scenario, sees an important opportunity for appreciation, with forecasts that drive the hodlers of the cryptocurrency crazy.
Let’s see all the details below.
Summary
Standard Chartered Forecasts: the price of Bitcoin will reach $150,000 if Donald Trump wins the US elections
Yesterday, the head of digital resources research at Standard Chartered, Geoff Kendrick, shared with the online newspaper The Block, his predictions regarding the price of Bitcoin at the end of the year.
The analyst observed how, in a context where macroeconomic indicators and developments on the political front have a decisive impact on the cryptocurrency market, the victory of the US presidential elections by Donald Trump could push Bitcoin up to 150,000 dollars.
Trump’s openness towards the digital asset sector, confirmed by his latest pro-crypto speeches during the election campaign, suggests that in the event of an election victory, market speculations could favor the growth of Bitcoin’s value, with super optimistic forecasts.
This is what was reported verbatim by Kendrick:
“As we approach the US elections, I expect $100,000 to be reached and then $150,000 by the end of the year in case of a Trump victory. The next big driver for BTC will then become the US elections.”
The same Kendrick believes that Bitcoin could start the rally right away and reach a new all-time high over the weekend above 73,770 dollars, if the publication of the “Non Farm Payrolls” data for the month of May (expected today) has a positive outcome with more than 185k new payrolls in the United States.
In particular, a Non Farm Payroll report that highlights a strong labor market, synonymous with a robust economy, could bring enthusiasm and favor risk-on assets like Bitcoin, with target at 80,000 dollars by the end of the month.
In any case, what truly serves as a catalyst event for the price of the currency is represented by the presidential elections in November: with over 50 million Bitcoin and cryptocurrency holders in the United States, the outcome of the presidential elections is poised to play a crucial role in shaping the future of Bitcoin.
Overall, the analysis of digital assets at Standard Chartered is optimistic about the short-term future, both of the US economy and the crypto economy, and reiterates its ambitiously bull forecasts: Bitcoin at $150,000 by the end of the year in case of Trump’s victory, and then $200,000 by the end of 2025.
It is worth noting that a Bitcoin price above $150,000 would bring its market capitalization to $3 trillion, slightly higher than the current market capitalization of the tech giant Nvidia.
The impact of the possible victory of Trump in the US presidential elections for the crypto sector
As mentioned, in the case of a victory in the presidential elections by the Republican Donald Trump, we would have decisive forecasts both on the price of Bitcoin and regarding the regulatory issue of digital assets within the country.
In fact, despite the current Biden administration unexpectedly showing pragmatism in the approval of Ethereum ETFs, it has always been against the progress of the cryptographic industry.
Recently, President Biden vetoed the Staff Accounting Bulletin (SAB) No. 121 of the Securities and Exchange Commission (SEC), effectively overriding the majority of both chambers and preventing large financial institutions from starting to hold Bitcoin as liabilities within their accounting books.
It is worth noting, among other things, how the now 81-year-old president (possibly suffering from Alzheimer’s) had promised the previous week he would not oppose with a veto if the proposal was accepted by Congress. A few days later he seems to have changed his mind.
Donald Trump, on the contrary, has always shown himself to be proactive towards Bitcoin and the entire cryptographic sector, motivated to support its growth and the regulatory legalization.
During his latest campaign rallies, he even promised that, if elected, he will free the founder of Silk Road Ross Ulbricht and grant him a pardon.
Ross is appreciated by the crypto community because he shares with them the ideals of decentralization and privacy, in addition to having supported, albeit illegitimately, the growth of interest in Bitcoin in its early years.
The republican has also expressed his willingness to build a crypto-army to counter the oppression of the Biden administration.
Regarding the issue of the elections, Standard Chartered highlighted how Trump’s victory could on one hand favor the emergence of new regulations and on the other help the United States with the situation of extremely high public debt. Here is what was reported in a recent report:
“We believe that a second Trump administration would be largely positive through a more favorable regulatory environment. In a scenario of US fiscal dominance, we think bitcoin (BTC) would provide a good hedge against de-dollarization and the decline in trust in the United States.”
We finally remember how Donald Trump holds a crypto portfolio worth 30 million dollars, in fact “gifted” by various founders of memecoin who for marketing purposes have airdropped a good part of the supply of their tokens to the presidential candidate.
Despite their strong appreciation, Trump never sold such coins, demonstrating support for the various projects.
Furthermore, according to reports from Arkham Intelligence, it also holds 471 ETH and 375 WETH for a total value of approximately 3.2 million dollars.
The majority of his wallet is made up of memecoin.
