Originally published on: September 20, 2024
Global head of digital assets research at Standard Chartered, Geoff Kendrick, is bullish on Bitcoin’s future, foreseeing a price surge to $200,000 by the end of 2025, regardless of the winner of the 2024 United States presidential election.
Key Factors Driving Bitcoin’s Ascension
Kendrick outlined three significant factors that are expected to propel Bitcoin to new record highs in 2025. These include the likely removal of Staff Accounting Bulletin-121 (SAB-121), a slight increase in inflation rates, and increased investments in Bitcoin exchange-traded funds (ETFs).
The potential repeal of SAB-121, a rule restricting banks from holding digital assets for clients, is anticipated to occur under the administrations of Former President Donald Trump and Vice President Kamala Harris. Kendrick also highlighted forthcoming leadership changes at the Securities and Exchange Commission, speculating on the impact on the crypto market following Gary Gensler’s tenure.
Embracing the Macro View
In addition to regulatory shifts, Kendrick predicts a swift increase in ETF offerings, with a notable mention of Solana as a promising third option. Transitioning to the macroeconomic landscape, Kendrick emphasized that Bitcoin’s price is set to reach around $125,000 by the close of 2024 if Trump secures the presidency. Regardless of the electoral outcome, Kendrick remains optimistic, forecasting Bitcoin to peak at $200,000 by the end of 2025.
Crypto’s Growing Influence in Politics
As the 2024 presidential election approaches, cryptocurrency political action committees (PACs) are investing heavily in campaigns to advance pro-crypto policies and support crypto-friendly candidates. This heightened focus on cryptocurrency in national politics signals a significant shift, with a recent survey by the Gemini exchange revealing that 73% of US respondents consider crypto policies in their voting decisions.
Joining Forces: Bitcoin Enthusiasts and Political Landscape
The upcoming election has united Bitcoin proponents, with individuals showing strong support for the digital asset amidst changing political landscapes. While uncertainties loom, Bitcoin’s trajectory remains resilient, offering a glimpse of potential prosperity for investors and enthusiasts alike.
