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The important influence of the election
Standard Chartered Bank (STAN) said in a report that resumed coverage of the field on Thursday that whoever wins the November U.S. election, Bitcoin (BTC), the world’s largest cryptocurrency, is expected to hit a new high by the end of the year.
The bank said the results of the U.S. presidential election are important to digital assets, but their importance is not as great as when Biden was a Democratic candidate and is lower than market expectations.
Reports say that no matter who wins the election, Bitcoin is expected to hit an all-time high by the end of the year. If Trump wins, the price of Bitcoin may explode, reaching about $125,000, and if Kamala Harris wins, the price of BitcoinProbably reaching about $75,000.
Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, wrote: “Whoever enters the White House, progress in deregulation – especially repealing SAB 121, which holds digital assets in banks.Strict accounting rules were imposed – all will continue until 2025.” He added that progress would take longer during Harris’ presidency.
The report pointed out that the steepering U.S. Treasury yield curve has also “created positive momentum” for Bitcoin.
Bitcoin may initially be sold if Harris wins, but Kendrick expects any decline to be bought as investors recognize that regulation will still make progress (albeit slower) and other positive catalysts will dominatestatus.
Trump is more favorable to encryption
If Donald Trump wins the U.S. election in November, Bitcoin (BTC) is expected to hit a new high later this year by the fourth quarter, broker Bernstein said in a research note on Monday.Cryptocurrency could reach $90,000.
If Kamala Harris wins the election, the largest cryptocurrency is expected to break through the current bottom of around $60,000, the report said.
The broker pointed out that Trump has been bluntly stating that he wants to build the United States into the “world’s Bitcoin and cryptocurrency capital” and mentions digital assets in every policy speech.
Trump spoke at the Bitcoin Nashville Conference in July, calling on the United States to become a Bitcoin mining powerhouse, appointing a crypto-friendly U.S. Securities and Exchange Commission (SEC) chairman to build a national strategic Bitcoin reserve library and presidentCryptocurrency Advisory Committee.
Instead, the report noted that cryptocurrencies were not mentioned in any of Harris’ speeches.
Bernstein said that over the past three years, the cryptocurrency market has faced two major resistances, namely macro resistance and regulatory resistance.
“After the past three years of regulatory clearance, aggressive crypto regulatory policies can once again stimulate innovation and bring users back to financial products on the blockchain,” wrote analysts led by Gautam Chhugani.
“The election results are still difficult to predict, but if you hold cryptocurrency long here, you’re likely to trade Trump,” the report added.
According to previous articles, Trump’s leading momentum in predictions has been overtaken by Harris since incumbent President Biden withdrew from this year’s election.
Recently, the campaign of Democratic candidate Harris said that more than a month since Harris began his presidential campaign, a total of $540 million has been raised, of which $82 million has been raised during the Democratic National Convention.
Harris’ campaign manager believes this shows the Democratic enthusiasm for her run.According to the Financial Times, Harris raised $204 million in July, four times that of Trump.As of the end of July, Harris’s campaign had $220 million in cash, while Trump’s campaign had $151 million in cash.
According to public reports, Trump has attended much fewer campaign rallies so far than in 2016 and 2020, especially after the shooting.
Trump’s donors and friends questioned some election decisions, fearing that Trump was “unruly”, lack of a campaign platform and strong campaign action.However, Trump’s campaign said they were ready for the final sprint in November.
