Bitcoin seems to be the hot topic of the US election. There’s speculation that if President Joe Biden withdraws as the Democratic candidate, the price of Bitcoin will plummet.
Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered Bank, predicted on the 3rd that Bitcoin could reach a new record by August and suggested its value might rise to $100,000 by election day. This forecast assumes that former President Donald Trump will be re-elected while Biden remains a candidate.
Kendrick views a potential Trump victory as a positive catalyst for Bitcoin. He emphasized the correlation between Trump’s election chances and Bitcoin price movements, stating, “Regulation and mining would be viewed more favorably under Trump.”
While Trump has not publicly announced any policies related to virtual assets, he has accepted donations in virtual assets for his election campaign and stated that the US should lead in this sector, even requesting that Bitcoin be made in the US.
However, Kendrick predicts that if Biden withdraws from the election at the end of July, the price of Bitcoin could drop between $50,000 and $55,000.
He explained that if Biden’s replacement candidate is a strong contender like Michelle Obama, Bitcoin prices will remain low. Conversely, if Biden continues to run, it would present a fantastic buying opportunity for bitcoin investors.
Geoffrey Kendrick is keeping an eye on August 4th. According to Ohio law, presidential candidates must register by this date. If Biden registers as a candidate on this day, he will officially run in the election through November.
In this scenario, Kendrick predicts the year-end Bitcoin price to be $150,000, with a goal price of $200,000 by the end of 2025.
“A price of $150,000 by the end of 2024 would place Bitcoin in the $3 trillion club in terms of market capitalization, joining Nvidia,” he explained.
