The Block reported that after the first presidential debate, President Biden’s approval rating fell behind that of Republican presidential candidate Trump. There are even rumors within the Democratic Party of “switching Biden.” Standard Chartered Bank stated that August 4 was a crucial date for Biden’s decision. If he withdraws from the race or promotes a new bull market for Bitcoin, the price of the currency will reach a new high.
According to Bitcoin.com, as the US presidential election approaches in November, Standard Chartered Bank has made predictions about the price of Bitcoin. Geoffrey Kendrick, head of the bank’s foreign exchange and digital asset research department, said, “Bitcoin is likely to reach a new all-time high in August and then reach $100,000 on Election Day.”
Geoffrey’s prediction depends on whether the current President Biden continues to run for office, and the market believes this will increase Trump’s chance of re-election. This outcome is seen as favorable for Bitcoin because Trump’s victory may bring about policies more favorable to the cryptocurrency market.
He believes that Trump’s victory may create a regulatory environment favorable to the growth of digital assets.
He also shared predictions for other election scenarios, explaining that the least likely scenario is Biden’s withdrawal from the race in late July, which could lead to a drop in the price of Bitcoin to $50,000-55,000.
Geoffrey emphasized that August 4 is a crucial date for Biden’s decision.
“This is the date required by Ohio law for the registration of presidential candidates. Therefore, if Biden is still the Democratic candidate on August 4, he will be so in the first week of November as well.”
But he also pointed out that if Biden continues to run, “Bitcoin is an excellent buying opportunity.”
He stated that if Biden’s Democratic replacement is highly credible, “the price of Bitcoin will remain soft.”
Standard Chartered Bank maintains its target of $150,000 for Bitcoin by the end of the year and predicts that it will reach $200,000 by 2025.
Trump began accepting campaign donations in cryptocurrency in May in an attempt to build a so-called “cryptocurrency army” to counter the Biden administration’s relatively indifferent stance on digital assets.
According to The Block, it is worth noting that by the end of 2024, if the price of Bitcoin reaches $150,000, the market value of Bitcoin will enter the $3 trillion club, and Nvidia’s market value will reach $3 trillion.
According to CoinDesk, Standard Chartered Bank is establishing an over-the-counter spot trading desk for buying and selling Bitcoin and Ethereum. The new London trading department will start operating soon and become part of the bank’s foreign exchange trading department.
In an email statement, Standard Chartered Bank stated, “We have been working closely with regulatory authorities to support institutional clients’ demand for trading Bitcoin and Ethereum, which aligns with our strategy to support our clients in the broader digital asset ecosystem, from access and custody to tokenization and interoperability.”
As a supporter of the digital asset custody institution Zodia Custody and its trading department Zodia Markets, Standard Chartered Bank, as a traditional banking giant, has deep involvement in the field of cryptocurrencies.