Following the first presidential television debate, US President Biden's support rate has significantly lagged behind Republican presidential candidate Trump, and even the Democratic Party has rumors of a 'Switch to Biden'. Standard Chartered Bank said that August 4 is the key date for Biden's decision, and if he withdraws from the race or promotes a new round of bull market for Bitcoin, the price of the coin will reach a new high.
According to Bitcoin.com, Standard Chartered Bank has made a prediction about the price of Bitcoin as the US presidential election approaches in November. Geoffrey Kendrick, head of the bank's forex and digital asset research department, said, 'Bitcoin is likely to hit a historical new high in August and reach $100,000 on election day.'
(Source: Twitter)
Geoffrey's prediction depends on whether the current President Biden continues to run, which the market believes will increase Trump's chance of winning again. This is seen as favorable for Bitcoin, as Trump's victory could bring about policies that are more favorable to the cryptocurrency market. #US Presidential Election#
He believes that Trump's victory could create a regulatory environment favorable to digital asset growth.
He also shared his predictions for other election scenarios, explaining that the least likely scenario is for Biden to withdraw from the race in late July, which could cause Bitcoin prices to fall to $50,000-$55,000.
Geoffrey emphasized that August 4th is the key date for Biden's decision.
"This is the date on which Ohio law requires presidential candidates to register. Therefore, if Biden is still the Democratic candidate on August 4th, he will remain so in the first week of November."
But at the same time, he pointed out that if Biden continues to run, 'Bitcoin is an excellent buying opportunity.'
He said that if Biden's Democratic replacement is highly credible, 'Bitcoin prices will remain weak.'
Standard Chartered Bank maintains its target of $150,000 for Bitcoin at the end of this year, and predicts it will reach $200,000 by 2025.
Starting in May, Trump began accepting cryptocurrency donations for his campaign, and attempted to build a so-called 'cryptocurrency army' to attack the Biden administration's tepid stance on digital assets.
According to The Block, by the end of 2024, if the price of Bitcoin reaches $150,000, the market capitalization of Bitcoin will enter the $3 trillion club, while the market capitalization of Nvidia will reach $3 trillion.
According to CoinDesk, Standard Chartered Bank is building a spot trading counter for buying and selling Bitcoin and Ethereum. The new London trading department will soon be operational and become part of the bank's forex trading department.
In an email statement, Standard Chartered Bank said, 'We have been working closely with regulatory agencies to support institutional clients' demand for trading in Bitcoin and Ethereum, which is in line with our strategy to support clients in the broader digital asset ecosystem, from access and custody to tokenization and interoperability.'
As a supporter of digital asset custodian Zodia Custody and its trading division Zodia Markets, Standard Chartered Bank's involvement in the cryptocurrency field is now very deep as a traditional banking giant.