Standard Chartered predicts that Bitcoin could skyrocket to $150,000 by the end of the year if Donald Trump wins the presidential election. Geoff Kendrick, head of digital assets research at the bank, believes that Bitcoin could hit $100,000 as the election draws near. He points to Trump’s perceived support for cryptocurrencies as a key driver of this bullish outlook.
Kendrick also suggests that Bitcoin could reach a new all-time high over the weekend, depending on the outcome of the nonfarm payrolls report due on Friday. Bitcoin’s current record stands at $73,750.07, achieved in March. A positive report could see Bitcoin climbing to $80,000 by the end of June.
This forecast comes amidst global shifts in monetary policy. Central banks in developed economies, such as the European Central Bank and the Danish central bank, have recently cut interest rates. While the U.S. Federal Reserve has not indicated an imminent rate cut, analysts believe that softening inflation and economic growth data could prompt such a move. The upcoming Consumer Price Index release could serve as a catalyst for Bitcoin to reach new highs.
Kendrick reiterates his year-end target of $150,000 for Bitcoin, which would give the cryptocurrency a market capitalization of $3 trillion, comparable to NVIDIA’s valuation.