Bitcoin Price Could Reach $150,000 if Donald Trump Wins the 2024 U.S. Presidential Election
Bitcoin Price Could Reach $150,000 if Donald Trump Wins the 2024 U.S. Presidential Election
The upcoming 2024 U.S. presidential election is predicted to be a significant catalyst for Bitcoin's price surge, potentially pushing it past the $150,000 mark, especially if Donald Trump emerges victorious.
U.S. Election as a New Catalyst for Bitcoin
Geoff Kendrick, an analyst at Standard Chartered, has indicated that the 2024 U.S. presidential election scheduled for November will be a crucial factor that could drive Bitcoin's price significantly higher.
"Leading up to the U.S. election, I expect Bitcoin to hit $100,000 and then possibly reach $150,000 by the end of the year if Trump wins," Kendrick stated, as reported by CNBC on Thursday, June 6, 2024.
According to Kendrick, Trump is currently seen as the most crypto-friendly presidential candidate. His recent embrace of cryptocurrencies, including accepting campaign donations in digital assets, and his ambition to create a favorable regulatory environment for crypto, bolster this perception.
In contrast, President Joe Biden is viewed as more skeptical and less welcoming toward the crypto industry. Biden has notably vetoed attempts to repeal the SEC's SAB 121 regulation. This guideline provides clearer accounting standards for financial institutions holding cryptocurrency assets but is considered by some to impose burdens on banks and stifle innovation in the rapidly evolving crypto market.
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Bitcoin's Potential to Set New Records
Kendrick also predicts that Bitcoin could hit new highs this weekend if the U.S. Non-Farm Payrolls (NFP) report released today, Friday, shows favorable results. A positive report could pave the way for Bitcoin to reach $80,000 by the end of June.
Bitcoin has already experienced a significant rally since the start of 2024, driven by strong investor interest in the new Bitcoin spot ETF products launched in January. The cryptocurrency set a new all-time high of $73,750 on March 14, just a month before the Bitcoin Halving event.
As of June 7, 2024, Bitcoin's price is steady at $71,239, marking a 4% increase over the past week. Its current market capitalization stands at $1.4 trillion, according to data from CoinMarketCap.
Conclusion
The 2024 U.S. presidential election is emerging as a pivotal event with the potential to significantly impact Bitcoin's trajectory. Analysts, such as Geoff Kendrick from Standard Chartered, anticipate that a victory for Donald Trump, known for his pro-crypto stance and recent engagement with the cryptocurrency community, could propel Bitcoin to unprecedented heights. This optimism stems from Trump’s supportive views on cryptocurrency regulation and his openness to incorporating digital assets into his campaign, in stark contrast to President Joe Biden’s more cautious approach towards the crypto industry. The election’s outcome could thus play a crucial role in shaping the future of cryptocurrency adoption and regulation in the U.S.
Beyond the election, Bitcoin's near-term prospects also appear promising, buoyed by recent positive market trends and investor enthusiasm for new Bitcoin-related financial products like ETFs. The anticipated positive results from the U.S. Non-Farm Payrolls report could further fuel Bitcoin's rise, potentially driving it to $80,000 by the end of June. Bitcoin's rally in 2024, marked by its new all-time high of $73,750 and strong market capitalization growth, underscores the digital currency’s robust momentum. As we look ahead, the interplay between political developments and market dynamics will likely continue to shape Bitcoin's path, keeping investors and observers keenly focused on these critical factors.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
