Standard Chartered's Bold Bitcoin Prediction: Soaring to $150,000 on Trump's Crypto-Friendly Stance

In a bold prediction, Standard Chartered's head of digital asset research, Geoff Kendrick, expects bitcoin to climb to $100,000 as the November 2024 U.S. presidential election nears. However, the most striking aspect of this forecast is the potential for bitcoin to reach a staggering $150,000 by year-end if former U.S. President Donald Trump secures victory. Kendrick cites Trump's perceived crypto-friendly stance as a key factor for this bullish outlook on the world's largest cryptocurrency.

Kendrick stated in a research note on Thursday, "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." This prediction is rooted in the belief that a Trump administration would foster a supportive regulatory environment for cryptocurrencies, which could further boost the burgeoning digital asset markets.

Standard Chartered's Bullish Stance on Crypto Regulations
This optimistic outlook aligns with Standard Chartered's previous assessment in May, where the bank stated that a second Trump term would be broadly positive for the crypto space due to the potential for a more favorable regulatory environment. The bank's analysts anticipate that the SEC will approve spot ethereum exchange-traded funds (ETFs), and other cryptocurrencies like Solana (SOL) and XRP could follow suit, paving the way for their eventual ETF status, albeit likely in 2025 rather than 2024.

Trump's Evolving Stance on Cryptocurrencies
Initially a crypto critic, Trump has acknowledged bitcoin's growing popularity and pledged to oppose President Joe Biden's perceived anti-crypto agenda. He has advocated for favorable regulations for digital assets and promised to free Ross Ulbricht, the creator of the infamous Silk Road darknet marketplace, who is serving a life sentence for numerous charges related to the operation.

Since leaving office, Trump has launched three non-fungible token (NFT) collections, further solidifying his involvement in the crypto space. Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo even considers Trump America's first crypto president, highlighting that bitcoin futures were approved during his administration.

As the U.S. presidential election draws closer, the crypto community will closely monitor the candidates' stances on digital assets and their potential impact on the regulatory landscape. Standard Chartered's bold prediction suggests that a Trump victory could potentially usher in a new era of crypto-friendly policies, propelling bitcoin to unprecedented heights.

Source: News Bitcoin