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bitcoin could skyrocket to $125,000 by the end of the year if Donald Trump wins the presidential election in November and $75,000 if Kamala Harris reaches the White House, Standard Chartered said
While the outcome of the U.S. presidential election is important for the cryptocurrency sector, the result matters less than when Joe Biden was the Democratic candidate, global head of digital asset research Geoff Kendrick said in a Sept. 12 report.
Regardless of who wins the election, bitcoin will hit a new all-time high by the end of the year, he added.
SAB 121's progress will continue in 2025 no matter who wins
Kendrick also believes progress on repealing SAB 121 will continue next year “no matter who is in the White House.” He added, however, that it would take longer if Harris becomes president.
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The SEC appears to be entrenched in SAB 121…
They simply don't want to provide *regulated* financial institutions with the ability to hold cryptocurrencies.
They apparently prefer the company they allowed to go public and then sued to hold the vast majority of the spot btc ETF assets.https://t.co/YS0NcROmM8 image.twitter.com/KjXvys0SNj
– Nate Geraci (@NateGeraci) twitter.com/NateGeraci/status/1833318917504197104?ref_src=twsrc%5Etfw”>September 10, 2024
Kendrick added that a further steepening of the U.S. Treasury yield curve is also “generating positive momentum” for the largest cryptocurrency by market cap.
bitcoin price drop after Harris win is a buying opportunity
bitcoin has risen more than 122% in the past year, and some analysts say the market leader's strong performance is linked to growing anticipation of the US election.
btc rose more than 2% over the past 24 hours to trade at $58,080.35 as of 8:22 am EST.
If Harris wins the election, Kendrick warns that there could be a temporary drop in the price of btc. However, he believes that any decline in the cryptocurrency’s value will likely be seen as an opportunity to buy the dip by investors who recognize that there will still be regulatory developments.
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