Standard Chartered predicts that Bitcoin's price could hit $125,000 by the end of the year
According to an analyst from Standard Chartered Bank. Bitcoin's price could hit $125,000 by the end of the year if the republican party wins control of the U.S. Congress in the November 5 elections.
The analyst, Geoff Kendrick, believes that a Republican-led Congress and possibly even a second Trump presidency would be favorable for Bitcoin.
He thinks that Republican Policies might benefit the cryptocurrency, while a Kamala Harris presidency would likely be neutral or just mildly positive for it.
The Trump bump is looking strong
Analyst Geoff Kendrick predicts Bitcoin will reach about $73,000 by Election Day, November 5. If Donald Trump wins the presidency, he expects Bitcoin to jump 4% immediately and then rise another 10% within days.
On the other hand, if Kamala Harris wins, Kendrick thinks Bitcoin will dip briefly but still end the year around $75,000. Currently, RealClearPolitics shows Trump with a 59% chance of winning, while Polymarket gives him a 75% chance.
Crypto’s Political Divide
An unnamed investor recently placed a $20 million bet on Trump winning, which has affected the odds on Polymarket.
Many people in the crypto community believe Trump would be better for crypto than Kamala Harris. However, not everyone agrees. For example, Ripple co-founder Chris Larsen actually supports Harris and donated $11 Million worth of XRP to her campaign.
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