- Standard Chartered’s Geoff Kendrick sees Bitcoin reaching new highs regardless of the US election outcome.
- Trump’s win could potentially push BTC to US$125,000, while a Harris victory might see a rise to US$75,000.
- Kendrick also hints that Harris might be more crypto-friendly than Biden, supporting a long-term bullish outlook.
- Despite diverse views, the general consensus remains positive about Bitcoin’s future value and stability.
Head of Crypto Research at Standard Chartered, Geoff Kendrick, believes a new all-time high is possible for Bitcoin no matter who wins the US election in November. Both Kamala Harris and Donald Trump didn’t mention Bitcoin during a recent debate, but Trump is still seen as the pro-crypto candidate, as Harris lacks a clear path for the crypto sector so far.
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But according to Kendrick, while still impactful on the industry, a Harris win may be viewed too pessimistically by the market. However, he does have a scenario where a Trump win catapults BTC to US$125,000 (AU$185,819), which is more than double its current price.
But even if Harris wins the race for the White House, the price could still hit US$75,000 (AU$111,507).
BTC will end 2024 at fresh all-time highs under either election outcome – [circa] $125,000 level under Trump or [circa] $75,000 level under Harris.
Geoff Kendrick, Standard Chartered Kendrick also believes Harris would be more open to the industry than Biden currently is, reinforcing the firm’s belief in a target of US$200,000 (AU$297,379) for BTC by the end of 2025.
Crypto Here to Stay but Bitcoin Price Goes Nowhere Fast, Says Survey
According to CoinDesk a survey conducted by Deutsche Bank is in overall agreement with this positive outlook, though not on the immediate price action.
The survey shows fewer people believe crypto is just a passing trend, with less than 1% of US consumers thinking so. But, while many can see crypto replacing cash in the long run, a third of the people surveyed believe the price of Bitcoin will not surpass US$60,000 (AU$89,225) by the end of 2024.
And consumers are also worried about a crash, with half of respondents worried about a collapse in the next two years.
Bitcoin meanwhile holds steady just above the US$58k (AU$86.25k) mark, up just 2% in the past seven days. This comes as the European Central Bank (ECB) just announced an interest rate reduction ahead of the expected US reduction.
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Analysts at The Kobeissi Letter believe despite mixed signals based on US macro data, the rate cut is still going to be a modest 0.25%, adding that we “are not ready for 50 bps rate cuts”.
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