A potential Donald Trump win in the November election would be more bullish for Bitcoin, a new Standard Chartered report predicts.
What Happened: In a report released on Thursday, the investment bank predicted that Bitcoin could hit new all-time highs by the end of 2024, regardless of the outcome of the U.S. presidential election in November.
Geoff Kendrick, global head of digital assets research at Standard Chartered, noted that while the election matters for digital assets, it's less significant than it was in the 2020 election cycle.
The report projected Bitcoin BTC/USD could soar to around $125,000 if former President Donald Trump wins, or reach $75,000 under a Kamala Harris presidency.
Also Read: CryptoPunk Heist: $1M NFT Snagged For $18,000 In Smart Contract Exploit
Kendrick emphasized that, regardless of the election’s outcome, regulatory progress in the crypto sector is inevitable. "Progress on relaxing regulations—particularly the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings—will continue in 2025 no matter who is in the White House," Kendrick said.
In addition, the steepening U.S. Treasury curve is building positive momentum for Bitcoin.
While a Harris win might initially trigger a sell-off, Kendrick expects investors to buy the dip, confident that regulatory advancements and other catalysts will ultimately drive Bitcoin's growth.
Why It Matters: Bitcoin spot ETFs on Wednesday saw net outflows totaling $43.97 million, reflecting mixed sentiment in the market.
Ark & 21Shares ARKB led the outflows with $54.03 million, followed by Grayscale's GBTC, which recorded a $4.59 million outflow.
However, Fidelity's FBTC ETF bucked the trend, registering an inflow of $12.57 million, according to data from SoSo Value.
Ethereum spot ETFs also saw volatility, with a total net outflow of $542,900. VanEck's ETHV contributed $1.71 million in outflows, while Fidelity's FETH ETF reported a $1.17 million inflow, data shows.
What’s Next: As the year progresses, these trends in fund flows and regulatory developments are likely to be a major topic of discussion at Benzinga's Future of Digital Assets event on Nov. 19, where industry experts will explore the next phase of growth for cryptocurrencies.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
