Bitcoin Could Plummet To $50k If Joe Biden Exits Presidential Race, Soar To $100k If He Remains, Standard Chartered Says

Bitcoin might plunge to $50k if President Joe Biden drops out of the race to be US president, and soar to $100k by November if he stays the course, Normal Chartered mentioned.

Biden persevering with his presidential candidacy would provide Bitcoin traders a “unbelievable shopping for alternative,” mentioned head of foreign exchange and digital property analysis, Geoffrey Kendrick.

In that case, Bitcoin might hit a brand new all-time excessive in August and skyrocket to $100,000 by the November presidential election, Kendrick mentioned.

Optimistic Correlation Between Bitcoin Value And Trump’s Electoral Odds

That’s as a result of there’s a optimistic correlation between Donald Trump’s electoral odds and the BTC worth, he added.

Each crypto regulation and crypto mining could be checked out extra favorably below Trump, he added.

Trump’s marketing campaign has demonstrated a pro-crypto stance in latest months. Not solely did the previous president begin accepting marketing campaign donations in digital property, he additionally advised among the largest BTC miners that he needs to provide all the remaining Bitcoin in America.

He added that he would advocate for BTC miners within the White Home if elected.

Trump additionally mentioned he needs to develop into the “crypto president” at a fundraiser in San Francisco on June 6, in line with a Reuters report that cited three folks current on the occasion.

So. I simply bumped into a man that’s an enormous fan of #bitcoin and LOVES what we’re doing at @CleanSpark_Inc in #georgia and #mississippi and #wyoming. pic.twitter.com/ofSXJGWWfn

— S Matthew Schultz (@smatthewschultz) June 11, 2024

Bitcoin Might Be a part of Nvidia In The $3 Trillion Market Cap Membership

This isn’t the primary bullish prediction by Kendrick. Final month, the analyst forecast that the king of cryptos might soar to $150,000 by the tip of the yr. He additionally forecast that the BTC worth might surge to $200,000 by 2025.

Ought to BTC soar to $150,000 by the tip of 2024, it should be a part of the “$3 trillion membership by way of market cap,” Kendrick mentioned. Nvidia not too long ago reached the identical milestone.

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