According to the data from Standard Chartered Bank, regardless of who wins the presidential election, Bitcoin is expected to hit a new all-time high by the end of 2024. However, if Trump is elected, cryptocurrencies will soar significantly.
Analyst Geoff Kendrick wrote on Thursday that under this self-proclaimed &#34;crypto-president,&#34; Bitcoin could reach $125,000 by the end of the year. Based on Bitcoin's current trading price, this implies nearly a 117% upside potential.
Despite the former president's previous opposition to this asset class, his stance has shifted in this election.
At the Bitcoin 2024 conference in July, Trump announced plans to repeal the federal cryptocurrency regulations known as &#34;Checkpoint 2.0&#34; and replace the chairman of the U.S. Securities and Exchange Commission with Gary Gensler.
Trump also pledged to hold 100% of the Bitcoin owned by the federal government in the national reserves. According to Kendrick, the current supply is approximately 1% of all Bitcoins ever mined.
The global head of digital asset research wrote, &#34;This is similar to the amount of Bitcoin held by MicroStrategy and BlackRock's ETF, which are known as the two largest Bitcoin holders.&#34;
Trump's shift in support for cryptocurrencies is particularly evident in contrast to Biden, whose government has been stricter on the industry.
However, Kendrick stated that compared to Biden, the current Democratic candidate, Harris, has a more open attitude towards cryptocurrencies than some may imagine.
For example, Biden retained a bill that prevents banks from providing digital asset custody, while Harris may change course.
Kendrick estimates that if Harris wins the presidential election, the price of Bitcoin will reach $75,000 by the end of this year. Although not as significant as the boost Trump would bring, it still surpasses Bitcoin's previous all-time high of nearly $74,000.
&#34;If Harris wins, we believe Bitcoin will rise after an initial decline, as the market will recognize the potential regulatory changes under Harris's leadership, albeit at a slower pace,&#34; he said.
Like Kendrick, Bernstein analyst Gautam Chhugani also expects Bitcoin to surge under Trump's leadership, as the market has not yet priced in the potentially positive regulatory environment. He predicts that by December, the cryptocurrency will reach as high as $90,000.
Meanwhile, Kendrick cited other favorable factors for Bitcoin in the coming months. For instance, the cryptocurrency is expected to benefit from a steepening of the U.S. Treasury yield curve, and the inflow of funds into Bitcoin ETFs has resumed.
Kendrick noted that although fund inflows have been lower in recent months, momentum tends to be seasonal, and added that risk sentiment is low this summer
Kendrick's optimistic forecast for Bitcoin has weakened, even in the event of Trump's victory. Previously, he predicted that Bitcoin could reach $150,000 by the end of this year. However, he now insists that by the end of next year, regardless of who becomes president, Bitcoin will reach $200,000.

According to analysis from Standard Chartered Bank, regardless of the outcome of the 2024 US presidential election, Bitcoin is expected to hit a new all-time high by the end of the year. If Trump is elected, analysts predict that the price of Bitcoin could soar to $125,000, an increase of nearly 117%. Trump's stance on cryptocurrencies has shifted, promising to repeal certain federal cryptocurrency regulations and retain Bitcoin within the federal government. If Harris is elected, Bitcoin is expected to reach $75,000, although lower than Trump's forecast, it is still higher than the current level

- According to Standard Chartered Bank's data, regardless of the election outcome, Bitcoin is projected to hit a new all-time high by the end of 2024. Analyst Geoff Kendrick suggests that under a potential Trump presidency, Bitcoin could surge to $125,000 by year-end, indicating a potential 117% increase from current levels.
- Trump's newfound support for cryptocurrencies, including plans to revise federal crypto regulations and reserve 100% of government-owned Bitcoin, contrasts sharply with Biden's stricter stance. Analysts foresee Bitcoin potentially reaching $90,000 by December under Trump's leadership, with optimistic factors like steepening U.S. bond yields and renewed ETF inflows.
- Despite earlier bullish estimates, Kendrick now predicts Bitcoin hitting $200,000 by the end of next year, irrespective of the election outcome, reflecting a slightly tempered outlook even in the event of a Trump victory.

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Trump to become a lucky star in the cryptocurrency circle? Standard Chartered: Bitcoin may soar by 117% by the end of the year