• Bitcoin to reach $150,000 if Trump wins presidency, according to Standard Chartered
• After the launch of US bitcoin ETFs, crypto has become an issue of growing bipartisan interest in Washington
• The Biden administration recently approved ether ETFs but vetoed efforts to repeal SAB 121, making Trump seen as more crypto-friendly than Biden
The U.S. presidential election has emerged as the next key catalyst for the price of bitcoin. A Trump victory could push the cryptocurrency to $150,000 by year’s end, says Standard Chartered.
Election Outcome Key for Crypto
After the launch of U.S. bitcoin ETFs earlier this year, crypto has become an issue of growing bipartisan interest in Washington. Historically anti-crypto, lawmakers are now questioning this stance.
“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,” said Geoff Kendrick, head of digital assets research at Standard Chartered, about bitcoin.
“The next large driver for BTC will then become the U.S. election,” he added. The Biden administration recently approved ETH ETFs but vetoed efforts to repeal SAB 121. “So Trump is still more friendly than Biden,” Kendrick said.
SAB 121 is an SEC accounting policy that treats digital assets as liabilities on bank books.
Bitcoin Price Outlook
Bitcoin could reach a new record this weekend if Friday’s jobs report is strong, according to Kendrick. That would pave the way for $80,000 later this month.
The cryptocurrency’s current record high is $73,797.68, reached on March 14.
Conclusion
The U.S. presidential election outcome could be a key catalyst for the bitcoin price. A Trump victory could potentially push the cryptocurrency to $150,000 by year’s end, according to Standard Chartered analysis. Crypto is becoming a bipartisan issue in Washington, though Trump still seen as more crypto-friendly than Biden.
