According to the data from Standard Chartered Bank, regardless of who wins the presidential election, Bitcoin will reach a new all-time high at the close of 2024. However, if Trump is elected, cryptocurrencies will soar significantly.

Analyst Geoff Kendrick wrote on Thursday that under the leadership of this self-proclaimed 'crypto-president,' Bitcoin could reach $125,000 by the end of the year. Based on Bitcoin's current trading price, this suggests a nearly 117% increase.

Although this former president used to oppose this asset class, his stance has changed in this election.

At the Bitcoin 2024 conference in July, Trump announced plans to cancel federal cryptocurrency regulations known as 'Checkpoint 2.0' and replace SEC Chairman Gary Gensler.

Trump has also promised to hold 100% of the federal government's Bitcoin in the national reserve. According to Kendrick, the current supply is approximately 1% of all Bitcoins ever mined.

The global head of digital asset research wrote, 'This is similar to the amount of Bitcoin held by MicroStrategy and BlackRock's ETF, which are the two largest known Bitcoin holders.'

Trump's support for the shift towards cryptocurrencies is particularly evident in his confrontation with Biden, whose government is stricter towards the industry.

However, Kendrick said that compared to Biden, the current Democratic candidate Harris will have a more open attitude towards cryptocurrencies than some people imagine.

For example, Biden retained a bill that prevents banks from providing custody services for digital assets, while Harris may change direction.

Kendrick estimates that if Harris wins the presidential election, the price of bitcoin will reach $75,000 by the end of this year. Although not as much of a boost as Trump brought, it still exceeds the historical high of bitcoin of nearly $74,000.

"If Harris wins, we believe that bitcoin will rise after the initial decline, and the market will realize that regulatory changes are still possible under Harris's leadership, even if the pace is slow," he said.

Like Kendrick, Bernstein analyst Gautam Chhugani also predicts that bitcoin will soar under Trump's leadership because the market has not yet priced in the potential positive regulatory environment. He predicts that by December, the cryptocurrency will reach $90,000.

At the same time, Kendrick cited other factors that would be favorable for bitcoin in the coming months. For example, the cryptocurrency should benefit from the steepening of the US Treasury yield curve, and the momentum of inflows into bitcoin ETFs has been restored.

Kendrick said that although there has been less inflow of funds in the past few months, momentum is often seasonal, and he added that risk sentiment is low this summer.

Kendrick's bullish prediction for bitcoin has been weakened, even in the event of a Trump victory. Previously, he predicted that bitcoin could reach $150,000 by the end of this year. However, he now insists that by the end of next year, regardless of who is president, bitcoin will reach $200,000.