CoinDesk reported:
Following the first presidential debate, U.S. President Biden trails significantly behind Republican candidate Trump, with internal Democratic murmurs suggesting a potential replacement. Standard Chartered Bank notes August 4 as a crucial date for Biden’s decisions; should he withdraw from the race or catalyze a new Bitcoin bull market, prices could reach unprecedented highs.
According to Bitcoin.com, as the U.S. election day in November approaches, Standard Chartered Bank has made predictions on Bitcoin’s price. Geoffrey Kendrick, Head of Foreign Exchange and Digital Assets Research at the bank, stated, “Bitcoin is likely to hit historic highs in August, potentially reaching $100,000 on U.S. election day.”
Geoffrey’s forecast hinges on whether incumbent President Biden continues his candidacy, seen as potentially enhancing Trump’s re-election prospects. This outcome is viewed favorably for Bitcoin, anticipating policies conducive to the cryptocurrency market under a Trump victory.
He believes Trump’s win could foster a regulatory environment supportive of digital asset growth.
Geoffrey also shared forecasts for other election scenarios, noting the least likely scenario of Biden withdrawing by late July, which could depress Bitcoin to $50,000-$55,000.
Emphasizing August 4 as Biden’s pivotal decision date, Geoffrey noted, “This is the deadline for presidential candidate registration in Ohio. Hence, if Biden remains the Democratic nominee on August 4, he likely will be in the first week of November.”
However, he pointed out that if Biden continues, “Bitcoin presents an excellent buying opportunity.”
He indicated, “If Biden’s Democratic substitute is highly credible, Bitcoin prices would remain subdued.”
Standard Chartered Bank maintains a year-end target of $150,000 for Bitcoin and forecasts $200,000 by 2025.
Since May, Trump has been accepting cryptocurrency campaign donations, aiming to assemble a “crypto army” to challenge the Biden administration’s lukewarm stance on digital assets.
The Block noted that by the end of 2024, if Bitcoin reaches $150,000, its market cap would enter the $3 trillion club, akin to NVIDIA’s market cap hitting $3 trillion.
According to CoinDesk, Standard Chartered Bank is establishing a spot trading desk for Bitcoin and Ethereum. The new London trading division will soon commence operations as part of the bank’s forex trading department.
In an email statement, Standard Chartered Bank remarked, “We have been closely collaborating with regulatory bodies to support institutional clients’ demand for trading Bitcoin and Ethereum, aligning with our strategy to support customers across the broader digital asset ecosystem, from access and custody to tokenization and interoperability.”
As a supporter of digital asset custody firm Zodia Custody and its trading arm Zodia Markets, Standard Chartered Bank, a traditional banking giant, has deepened its involvement in the cryptocurrency sector.