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Standard Chartered Bank: Bitcoin will reach $125,000 by the end of this year after Trump wins the election

Standard Chartered Bank: Bitcoin will reach $125,000 by the end of this year after Trump wins the election

CointimeCointime2024/11/06 14:55
By:Cointime

On November 6th, according to DL News, Geoff Kendrick, the global head of digital asset research at Standard Chartered Bank, stated at a briefing on Wednesday that after Trump's victory, the price of Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025. This prediction corresponds to the estimate made earlier this month by analysts at research and brokerage firm Bernstein. Standard Chartered Bank made a similar prediction in October.

Kendrick believes that many of Trump's promises supporting cryptocurrency, such as dismissing Gary Gensler, chairman of the US Securities and Exchange Commission, establishing a national strategic Bitcoin reserve, and reshaping the US as a "Bitcoin superpower," will drive up the price of Bitcoin. Kendrick said that from Bitcoin options trading, Standard Chartered Bank found that many investors are interested in a price of around $80,000, indicating that this cryptocurrency will reach this level in the "next week or two."

Regarding regulation, Kendrick said he expects Trump to overturn Biden's veto of SAB 121, a controversial SEC accounting guide that critics say has prevented investment banks from offering cryptocurrency custody services on a large scale. Kendrick believes that Trump will achieve this goal soon after taking office on January 20th next year and believes that this move will drive more institutions to adopt cryptocurrencies.

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