Standard Chartered Forecasts Bitcoin to Reach 125K in the Event of Trumps Victory

Bitcoin’s value could potentially soar to $125,000 by the end of this year if the Republican Party gains control of the United States Congress after the November 5 elections, according to Geoff Kendrick, an analyst from Standard Chartered Bank. With speculation surrounding the US elections and Bitcoin prices reaching a fever pitch, Kendrick’s optimism for the Republicans is evident. He predicts that by November 5, the day of the elections, BTC will reach approximately $73,000. If former President Donald Trump secures a second term, Kendrick believes BTC will experience a 4% increase when the results are announced, based on options information, and will subsequently rise by another 10% within a few days. Kendrick stated in a note that if Vice President Kamala Harris becomes president, BTC will initially trade lower but is projected to end the year at around $75,000. Kendrick highlights that RealClearPolitics currently places the odds of a Trump victory at 59%, while Polymarket gives Trump a 75% chance of winning. It is worth noting that Polymarket’s odds were influenced by an unidentified whale who placed a bet of over $20 million on a Trump victory. The crypto community generally views Trump as more favorable towards cryptocurrencies, although Ripple co-founder Chris Larsen stands as an exception, having donated XRP worth $11 million to Harris’s campaign. Kendrick is not alone in his confidence in Trump, as an executive at crypto asset manager Bitwise predicted that BTC would reach $92,000 in the event of a Trump victory. Crypto exchange Deribit also foresees BTC hitting $80,000 by the end of November with a Trump win. However, more level-headed observers, including BlackRock CEO Larry Fink, have suggested that BTC will rise regardless of the election outcome.