1 Bitcoin could reach $125,000 under Trump and $75,000 under Harris.
Standard Chartered has reiterated that it expects Bitcoin to reach new all-time highs by the end of 2024, regardless of the outcome of the US presidential election. The bank's head of digital assets predicts that Bitcoin might hit $125,000 if Trump is elected, while it could reach $75,000 under a Harris administration, with a potential temporary dip during Harris's term. Regulatory concerns persist, but other factors, such as the trend in US treasury yields, offer a positive prospect. The negative impacts of a Harris government on digital assets are expected to be significantly less than under a second Biden administration. He also mentioned, “A Harris victory may trigger an initial price drop but we predict that as the market acknowledges ongoing progress on the regulatory front and other positive drivers come into play, the market will buy at lower points.” Furthermore, Standard Chartered maintains its long-term prediction that Bitcoin will reach $200,000 by 2025. Bitcoin peaked at over $73,000 in March and has fluctuated between $55,000 and $70,000 in recent months. Under a Harris administration, especially with the continuation of President Biden’s policies, potential regulatory hurdles will still exist. However, Kendrick commented, “Clearly, a Trump victory would be advantageous for Bitcoin,” while adding that “the negative impact of a Harris administration on digital assets will be significantly less than under a second Biden administration.” Despite these challenges, he noted that other positive factors, such as a steepening US treasury yield curve, also bode well for Bitcoin's growth.
2 The cryptocurrency industry is entering the institutional era.
According to Beincrypto, Yat Siu, co-founder and executive chairman of Animoca Brands, stated in a recent interview that while a range of tokens are underperforming, such as Bitcoin, Ethereum, Solana, and TON, are performing well, with the key distinction being institutional support. Projects backed by institutions tend to demonstrate more stability. Starting with Bitcoin ETFs, the cryptocurrency industry is now entering an institutional era, meaning that to stand out, institutional backing is necessary. The traditional stock market is dominated by institutional investors, whereas the token market is primarily driven by retail investors. In the institutional investor market, projects are studied meticulously due to the need for substantial purchasing power and long-term planning.
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