Financial giant Standard Chartered has stated that a Donald Trump election triumph would spell bullish for Bitcoin, proposing that the event would see the asset hit $150,000. Notwithstanding, the firm’s analyst, Geoffery Kendrick, expects the US election in November to propel Bitcoin to $100,000.
“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick said on Thursday.
Crypto-Friendly Trump Bullish for Bitcoin
“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,“ Kendrick added.
Trump has shown more susceptibility to cryptocurrency than the incumbent US president. The Republican contestant recently noted that Bitcoin was “something that’s interesting,” and he could live with it.
Last month, Trump noted he would release Silk Road founder Ross Ulbricht if re-elected. Also, the former president launched a Bitcoin-lightening payment system for his campaign donation, further showing his mild disposition towards cryptocurrencies.
Friday’s Data Crucial
Kendrick further stated that Friday’s Non-Farm Payroll data would be crucial for Bitcoin’s next movement. According to him, a favorable outcome would see the crypto asset move to a new all-time high within the weekend.
The next leg up would “open the way for $80,000 by end-June,” Kendrick stated. The Standard Chartered analyst maintained his $150,000 prediction by the end of 2024 and $200,000 by 2025.
At press time, Bitcoin traded at $70,647 with a 24-hour trading volume of $36 billion.
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