Bitcoin Forecast Linked to US Presidential Race
Standard Chartered predicts Bitcoin may hit a new high in August. It could then reach $100,000 by the US presidential election in November. Jeffrey Kendrick, head of forex and digital assets research at the bank, shared this forecast.
Bitcoin’s Future Tied to Biden’s Candidacy
The forecast depends on whether Joe Biden remains in the presidential race. An optimistic scenario involves Donald Trump’s victory. Experts believe a Trump administration would be more crypto-friendly. This could ease regulatory barriers and create a better environment for mining. Consequently, Bitcoin and other cryptocurrencies could see significant gains.
Scenario if Biden Exits the Race
Standard Chartered modeled a less likely scenario where Biden exits the race in late July. Experts suggest this could drop Bitcoin’s price to $50,000-$55,000. If a prominent Democrat like Michelle Obama steps in, “Bitcoin’s price will stay low.” However, if Biden stays in the race, “it’s an excellent buying opportunity for Bitcoin,” noted Kendrick.
Key Date for Biden’s Decision
August 4 is crucial. Ohio’s laws require presidential candidates to register by this date. This will determine Biden’s participation in the race.
Bitcoin Price Predictions for 2024 and Beyond
In early June, Kendrick confirmed his year-end Bitcoin price forecast at $150,000. He also projected $200,000 by the end of 2025. Reaching $150,000 by the end of 2024 would put Bitcoin’s market cap at $3 trillion, comparable to Nvidia.
Cryptocurrency as an Election Issue
Cryptocurrencies have become a significant issue in the US presidential election. Trump, in his speeches, urges everyone who “likes cryptocurrency in any form” to vote for him. His main promise is to end Biden’s “war on cryptocurrency.”
Biden’s Advisers on Cryptocurrency
Rumors suggest some advisers are warning Biden’s team. They argue that without a clear stance on cryptocurrency, Biden risks losing the election.
