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Standard Chartered: Bitcoin to hit new highs before the end of the year, regardless of who wins the U.S. presidential election

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Standard Chartered: Bitcoin to hit new highs before the end of the year, regardless of who wins the U.S. presidential election

Standard Chartered Bank analyst Geoff Kendrick predicts that regardless of the winner of the U.S. presidential election, the price of Bitcoin will hit a new all-time high by the end of the year. Kendrick points out that Bitcoin's price is being driven by several positive factors, especially changes in the regulatory environment for digital assets.

BTC Could Hit New Highs by Year-End

StanChart's Head of Forex and Digital Assets Research, Kendrick, pointed out that regardless of whether Trump or Harris wins, the impact on Bitcoin prices is no longer significant compared to when Biden was a Democratic candidate. The market's expectations for the election results may also be overestimated. He stated:

Regardless of who wins the U.S. election, I believe Bitcoin will climb to new highs by the end of the year. If Trump wins, the price could reach $125,000; if Harris wins, it could reach $75,000.

Prior to this, Wall Street investment bank Bernstein held a similar view, but evidently, StanChart's research team is more optimistic about the future market trend.

Bernstein Prediction: Bitcoin to Hit $90,000 by Year-End if Trump Wins, Drop to $30,000 if Harris Wins

U.S. Bond Market and Regulatory Progress are Key

Kendrick believes that easing regulatory policies on digital assets will be a key factor driving Bitcoin's rise, especially with the repeal of the "SAB 121" regulation to relax accounting rules for banks holding digital assets, a development that will continue regardless of the election outcome.

The U.S. House of Representatives failed to overturn Biden's veto of SAB 121, while the SEC has long opened a back door for banks?

He also pointed out that the development of the U.S. bond market provides bullish factors for Bitcoin's long-term trend:

The current trends in the U.S. bond market, including the steepening of the yield curve, the decline in actual and risk-neutral yields, are all factors accumulating upward momentum for Bitcoin.

Harris Overtakes Trump in Winning Odds

Earlier reports indicated that debate observers believe Harris performed better, overwhelming Trump by a margin of 63% to 37%. Before the debate, there was no difference in expectations between the two at 50% each.

After the debate, Harris' chances of winning on the prediction platform Polymarket started to climb from 46% and slightly surpassed Trump.

U.S. Presidential Debate: Harris Shines, Bitcoin and Crypto Stocks Fall

Trump announced on Twitter that his family's cryptocurrency project, World Liberty Financial, will officially launch on September 16.

Currently, little is known about the details of the project. Earlier, the co-founder of Dolomite Derivatives Protocol was appointed as a project advisor, claiming to promote stablecoin adoption and emphasizing collaborations with cybersecurity institutions such as Zokyo, Fuzzland, PeckShield, and BlockSecTeam, with the code undergoing multiple reviews.