Bitcoin (BTC) is poised to reach new all-time highs by the end of 2024, according to Standard Chartered.
Geoff Kendrick, the bank’s global head of digital assets, stated in a recent CoinDesk report that Bitcoin could rise to $125,000 if former U.S. President Donald Trump wins the upcoming election, or $75,000 if Kamala Harris becomes president.
Political Impact on Bitcoin
While presidential elections traditionally impact financial markets, Standard Chartered suggests that this year’s election will have a smaller effect on Bitcoin compared to the 2020 Biden-Trump race.
Kendrick emphasized that the market expects significant regulatory progress regardless of the election winner. Specifically, the potential repeal of SAB 121, a stringent accounting policy imposed by the U.S. Securities and Exchange Commission (SEC) on banks’ digital asset holdings, could occur in 2025, boosting Bitcoin.
Although Trump is seen as more favorable to crypto than Harris, Standard Chartered noted that a Harris presidency wouldn’t halt Bitcoin’s growth but might slow the pace of regulatory changes.
Beyond the election, U.S. Treasury market trends are also critical, with the Treasury curve steepening and break-evens declining more slowly than real yields. Kendrick sees this as creating “positive momentum” for Bitcoin’s long-term price outlook.
Miner Activity and Price Influence
Standard Chartered previously predicted Bitcoin’s potential to reach $150,000 by year-end if Trump returns to office, citing political, regulatory, and economic factors. In a July update, the bank maintained a forecast of $120,000, driven by increased miner profitability, with Kendrick explaining that rising Bitcoin prices allow miners to sell fewer coins while maintaining cash flow.
