On November 6th, according to DL News, Geoff Kendrick, global head of digital asset research at Standard Chartered, said at a briefing on Wednesday that after Trump's victory, the price of bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025. This prediction echoes an estimate by analysts at research and brokerage firm Bernstein earlier this month. Standard Chartered made a similar prediction in October.
Mr. Kendrick believes that many of Mr. Trump's pro-cryptocurrency promises, such as firing Gary Gensler, chairperson of the Securities Exchange Commission, building a national strategic bitcoin reserve and reinventing the US as a "bitcoin superpower", will drive bitcoin higher. Looking at bitcoin options trading, Standard Chartered found a lot of investor interest in prices around $80,000, suggesting the cryptocurrency will reach that level "in the next week or two", Mr. Kendrick said.
On the regulatory front, Kendrick said he expects Trump to override Biden's veto of SAB 121, a controversial SEC accounting guideline that critics say has prevented investment banks from offering cryptocurrency custody on a large scale. Kendrick believes Trump will achieve this goal soon after taking office on January 20, and believes the move will push more institutions to adopt cryptocurrencies.
Standard Chartered: Bitcoin to reach $125,000 by end of year after Trump win
2024-11-06 14:45:52
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