According to Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, a potential victory for Donald Trump in the 2024 U.S. presidential election could elevate Bitcoin’s price to $125,000. Kendrick mentions that new all-time highs (ATHs) for Bitcoin are also likely regardless of the election outcome, predicting that Bitcoin could reach $75,000 if Vice President Kamala Harris wins the presidency.
JUST IN: A Trump victory could see #Bitcoin soar to $125,000, but new ATHs are expected irrespective of election results, according to Standard Chartered Bank 
pic.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
In a recent report, Kendrick elaborated that while the election results may affect the Bitcoin landscape, concerns regarding a Harris presidency may be inflated. “BTC will finish 2024 at new all-time highs regardless of election results – around $125,000 level if Trump wins or approximately $75,000 level if Harris comes out on top,” Kendrick noted. He indicated that although a Harris win might initially cause a price drop, “market reactions will likely be bullish as it becomes clear that regulatory progress will still be on the horizon.”
Despite industry worries that Harris may take a tougher stance on Bitcoin, Kendrick argues that her administration is likely to be “far less negative” toward digital assets compared to a potential second Biden term. Moreover, Standard Chartered remains optimistic, predicting Bitcoin will surge to $200,000 by the end of 2025, regardless of this year’s election outcome.
The 2024 election has highlighted the contrasting approaches to Bitcoin regulation between the candidates. Trump has aligned himself with the Bitcoin community, appearing at the Bitcoin 2024 conference in Nashville this summer, where he voiced his support for Bitcoin. Additionally, the Republican National Committee has integrated Bitcoin into its platform, committing to uphold the right to mine Bitcoin and maintain self-custody protections.
Conversely, Vice President Kamala Harris has largely remained quiet on the matter, deciding against attending the Bitcoin conference. The Democratic Party’s platform contains no reference to Bitcoin or cryptocurrency, raising concerns within the industry about what regulatory framework might evolve under a Harris administration. Although Harris hasn’t explicitly demonstrated hostility toward crypto, there are apprehensions regarding a possible continuation of the stringent regulatory measures seen during President Joe Biden’s administration, heavily influenced by key figures like Senator Elizabeth Warren and SEC Chair Gary Gensler.
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