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By Nigel Green
As the US presidential election looms on the horizon, I can't help but feel a surge of excitement about the potential impact on Bitcoin.
The idea that Bitcoin could skyrocket to $150,000 by year-end is not just a pipe dream—it's a very real possibility, as highlighted by Standard Chartered, a multinational bank with operations in consumer, corporate and institutional banking, and treasury services
This potential surge is grounded in more than just speculation; it's rooted in the shifting political landscape and growing bipartisan interest in cryptocurrency.
The launch of Bitcoin exchange-traded funds (ETFs) in the US earlier this year marked a pivotal moment. Crypto is no longer a fringe topic; it's front and centre in Washington’s political discourse.
Historically, the US has been wary of crypto, but that stance is starting to shift. Lawmakers are now questioning how long they can afford to remain cautious.
Geoff Kendrick, head of digital assets research at Standard Chartered, paints a compelling picture.
He predicts that as we get closer to the election, Bitcoin will first hit $100,000 and could soar to $150,000 if Trump wins. This isn't mere hype – there’s substance behind it.
The election outcome could dramatically influence Bitcoin’s trajectory, with Trump's policies being decidedly more crypto-friendly than those of the current administration.
According to Kendrick, the US election is the next major catalyst. The Biden administration has shown some openness, evidenced by the approval of Ethereum ETFs.
However, Biden’s recent veto of efforts to repeal SAB 121—an SEC policy requiring banks to treat digital assets as liabilities—suggests a more cautious approach compared to Trump’s favourable stance on crypto.
Let's talk about SAB 121 for a moment. This SEC accounting policy is a significant hurdle for the crypto community.
By forcing banks to account for digital assets as liabilities, it complicates their financial reporting and could potentially deter them from entering the crypto space.
A Trump administration, on the other hand, could usher in regulatory changes that benefit the cryptocurrency industry, making it a more welcoming environment for banks and institutional investors.
The anticipation surrounding the US election’s impact on Bitcoin isn’t without precedent.
We’ve seen how political events and regulatory developments can drive significant market movements. Investors and traders are watching closely, and any sign of a favourable election outcome could trigger massive price surges.
Kendrick also pointed out that Bitcoin could set a new record over the weekend if the latest nonfarm payrolls report on Friday is favourable.
Imagine Bitcoin hitting $80,000 this month, surpassing its current record of $73,797.68 set on March 14. The interplay between economic indicators and political events makes this an incredibly exciting time for Bitcoin.
In my view, the US presidential election represents a watershed moment for Bitcoin. The potential to drive its price to new heights is tangible and exhilarating. As the political climate shifts and regulatory stances are reassessed, we’re on the brink of significant volatility and opportunity in the cryptocurrency market.
Investors and stakeholders must stay vigilant, watching both economic data and political developments closely.
I'm bullish on Bitcoin's prospects. Are the stars are aligning for a potential explosion in value, driven by political shifts and increasing mainstream acceptance?
If you're invested in crypto, or even just watching from the sidelines, now is the time to pay attention.
Author Bio
Nigel Green is deVere Group CEO and Founder
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.