In a bold forecast, Standard Chartered’s head of digital assets research, Geoff Kendrick, has predicted that Bitcoin could surge to $150,000 if Donald Trump wins the upcoming U.S. presidential election. “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 stated.
JUST IN: #Bitcoin to reach $150,000 if Donald Trump wins presidency, says Standard Chartered. pic.twitter.com/4Kaq4P0BRf
— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
The prediction comes amidst a backdrop of economic indicators and political developments influencing the Bitcoin market. Kendrick highlighted that the next significant driver for Bitcoin’s price would be the U.S. election.
Kendrick also noted that Bitcoin could reach a new record over the weekend if the nonfarm payrolls report, to be released on Friday, is favorable. Bitcoin’s current all time high, set on March 14, stands at $73,770. A positive jobs report could pave the way for Bitcoin to reach $80,000 later this month, he noted.
The forecast underscores the significant impact political developments can have on the Bitcoin market. With over 50 million Bitcoin and crypto holders in the United States, the outcome of the presidential election is poised to play a crucial role in shaping the future of Bitcoin.