Analysts at the bank think Bitcoin will hit $150,000 if Trump wins the presidential election this year.
Standard Chartered Bank has predicted that Bitcoin could hit $150,000 if Donald Trump wins the upcoming U.S. presidential election in November this year.
Standard Chartered analysts believe that a Trump victory could lead to policies favoring crypto assets, particularly bitcoin. Trump’s potential re-election is expected to influence the dollar’s strength, interest rates, and regulatory stances, creating a conducive environment for the growth of digital assets.
Trump’s Love for Crypto
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, noted that Trump has supported cryptocurrencies in his campaign. The former U.S. president has also allowed crypto donations for his campaign.
“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick said.
Kendrick further noted that Trump is more crypto-friendly than the Biden administration.
“The Biden administration recently showed pragmatism in approving the spot ether ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden,” a Standard Chartered executive said.
SAB 121 is a Securities and Exchange Commission accounting policy that requires banks to classify digital assets as liabilities on their balance sheets.
BTC Might Likely Skyrocket
The head of digital assets stated that bitcoin could reach a new high over the weekend if Friday’s Non-farm payrolls report is favorable. He noted that it would likely open the way for BTC to reach $80,000 by the end of June.
Kendrick added that BTC could climb to $200,000 by the end of 2025, representing an increase of approximately 180.5% from its current value.
Recent Bitcoin price predictions have consistently followed a similar pattern, though not necessarily tied to the upcoming election. Last month, renowned crypto analyst Willy Woo observed that “1 month of Bitcoin short position build-up just got liquidated. One more layer to go to short squeeze past all-time highs.”
Meanwhile, Galaxy Digital CEO Mike Novogratz predicted that BTC could reach $100,000 by the end of the year.
In addition, Robert Kiyosaki, the author of “Rich Dad Poor Dad” and a known advocate for crypto, anticipates BTC hitting $350,000 by August 25.
Analysts from Bernstein, a private wealth management firm, also predicted that the digital asset would trade at $150,000.
