At a time when the cryptocurrency market appears to be gearing up for another bullish surge, speculation is rife as to the future of Bitcoin, particularly in view of the upcoming US presidential elections, which could prove decisive. According to analysts at Standard Chartered, the leading crypto could register all-time highs should Donald Trump return to the White House.
A direct link between Trump’s victory and $150,000 Bitcoin
According to Geoff Kendrickhead of digital asset research at Standard Chartered, bitcoin could experience surge up to $150,000 by the end of 2024 if Donald Trump were to be re-elected president. A bold prediction that illustrates the impact political developments could have on the crypto market.
Kendrick expects the $100,000 threshold to be breached in the run-up to the presidential election, before a further surge in the event of a victory for Trump. This scenario is based in particular on the former president’s recent benevolent statements.
Proof of his recent enthusiasm for the crypto ecosystem, Trump promised to pardon Ross Ulbricht, founder of the famous online black market Silk Road sentenced to life imprisonment for enabling bitcoin transactions
Beyond the political stakes, a buoyant macro-economic context
In addition to Trump, the analysts at Standard Chartered discuss other catalysts that could propel bitcoin to new heights.
The prospect of monetary easing by major central banks could, in fact, fuel the bullish momentum.
Whether political, with the US presidential election, or economic, with employment and monetary policy, the winds seem to be shifting in favor of a further surge in bitcoin over the next few months, as Standard Chartered’s optimistic prognosis suggests. The future looks set to be turbulent for the world’s leading crypto and the entire market.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
