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Standard Chartered Says Bitcoin Would Hit $150k if Trump Wins US Election

Kendrick stated that positive Friday Non-Farm payroll data would see Bitcoin hit a new all-time high over the weekend.

Bitcoin on fire

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.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.