Bitcoin and the 2024 U.S. Presidential Election
According to Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, the outcome of the 2024 U.S. presidential election could significantly influence the price of Bitcoin. Kendrick predicts that a Donald Trump victory may push Bitcoin to an astonishing $125,000.
However, regardless of who wins the election, new all-time highs (ATHs) for Bitcoin are expected, with the cryptocurrency still anticipated to reach $75,000 even if Vice President Kamala Harris takes the presidency.
This optimistic outlook reveals that Bitcoin’s trajectory in 2024 is likely to remain upward, no matter the political outcome. But why is there a significant difference in the projected Bitcoin price under each candidate?
Bitcoin Price Predictions Under Trump vs. Harris
In a report from Standard Chartered, Kendrick explained the nuances of how different election outcomes could impact Bitcoin’s future. While a Trump win is expected to be a significant boost for Bitcoin, propelling it to the $125,000 mark, a Harris presidency could still see Bitcoin reach an impressive $75,000.
- A Trump victory could drive Bitcoin to $125,000
- Under a Harris administration, Bitcoin could still hit $75,000
- Both outcomes are expected to lead to new all-time highs for Bitcoin
Despite the gap in price predictions, Kendrick asserts that either outcome will result in new ATHs for Bitcoin. He notes that while a Harris win might initially result in a price decline, these dips would likely be bought up by investors, as the market realizes that regulatory progress would still be on the horizon.
- Trump’s favorable stance on Bitcoin makes him an industry ally
- Harris, while not as outspoken on Bitcoin, is predicted to take a more neutral approach
Regulatory Risks Under a Harris Presidency
While Kendrick believes that a Harris presidency could initially pose some regulatory risks to the Bitcoin industry, he also feels that these concerns are overstated.
Many in the crypto community fear that Harris may adopt a hostile stance towards digital assets, as seen under the Biden administration. However, Kendrick believes Harris’ administration would be “much less negative” for Bitcoin than a second Biden term.
During Biden’s presidency, the crypto sector faced increased regulatory scrutiny. Figures like Senator Elizabeth Warren and SEC Chair Gary Gensler played pivotal roles in shaping the policies that many in the industry viewed as overly restrictive.
The Harris administration, Kendrick suggests, would be unlikely to take the same aggressive approach, making the regulatory environment under Harris less of a concern than many expect.
Trump’s Growing Support for Bitcoin
On the other hand, Donald Trump has positioned himself as an ally of the Bitcoin industry. At the Bitcoin 2024 conference in Nashville, Trump expressed his support for Bitcoin and highlighted the importance of digital assets.
The Republican National Committee (RNC) has also included Bitcoin in its platform, pledging to defend the right to mine Bitcoin and protect self-custody rights for digital asset holders.
- Trump spoke at the Bitcoin 2024 conference, expressing support for Bitcoin
- The RNC has made Bitcoin part of its platform, defending mining and self-custody rights
This open support for Bitcoin is expected to make Trump the more favorable candidate for the crypto industry. His administration would likely promote policies that encourage Bitcoin growth and adoption, which explains Kendrick’s prediction of a $125,000 Bitcoin price under a Trump presidency.
Harris and the Democratic Party’s Approach to Bitcoin
In contrast, Kamala Harris has been notably quiet on the subject of Bitcoin and cryptocurrency. Unlike Trump, she did not attend the Bitcoin conference, and the Democratic Party’s platform currently makes no mention of Bitcoin or cryptocurrency.
This lack of engagement has raised concerns within the industry about what a Harris presidency could mean for the regulatory environment surrounding digital assets.
The apprehension stems from the policies enacted under the Biden administration, which took a cautious and, at times, adversarial approach to crypto. With figures like Senator Warren and SEC Chair Gensler playing influential roles, the Biden administration often leaned towards stricter regulation of digital assets.
This has led some to speculate that Harris would follow a similar path, though Kendrick believes the market will adapt and continue to thrive under her presidency.
- Harris has remained silent on Bitcoin and crypto-related issues
- The Democratic Party’s platform currently does not address cryptocurrency
- Concerns remain over the regulatory environment under a Harris administration
Standard Chartered’s Bullish Outlook on Bitcoin
Despite the uncertainty surrounding the 2024 U.S. election and its potential impact on cryptocurrency, Standard Chartered remains bullish on Bitcoin’s long-term prospects. The bank’s latest forecast predicts that Bitcoin will reach $200,000 by the end of 2025, regardless of who wins the presidential election in 2024.
This optimism is rooted in Bitcoin’s growing adoption, increasing institutional investment, and its role as a hedge against inflation. The integration of technologies like the Lightning Network, along with increasing mainstream acceptance, further solidifies Bitcoin’s place as a dominant player in the digital economy.
Conclusion: A Bright Future for Bitcoin
The 2024 U.S. presidential election may present a pivotal moment for Bitcoin and the broader cryptocurrency industry. While a Trump presidency is expected to push Bitcoin to new heights, even a Harris administration is likely to result in a new ATH for the cryptocurrency.
Regardless of the political outcome, the long-term outlook for Bitcoin remains bullish.
With Standard Chartered forecasting a $200,000 Bitcoin by 2025, the future of digital assets looks promising. As the election draws nearer, all eyes will be on how each candidate’s policies shape the trajectory of Bitcoin and the broader crypto market.