Donald Trump To Support Bitcoin Price Rally Amid Regulatory Uncertainty
Highlights
- Standard Chartered said Trump’s win could see positive signals in Bitcoin.
- It could usher in regulatory clarity for the asset.
- The bank restated its previous $150,000 price predictions.
The upcoming United States Presidential Election takes different narratives as analysts project the impact of Donald Trump or President Biden’s win. A new Standard Chartered report points to improved market performance for Bitcoin (BTC) in the event of a re-election of Donald Trump.
According to the report, the move could usher in positive signals in the Bitcoin market coupled with significant price upticks and improved adoption. The asset’s adoption has been mirrored by traditional investors in recent months as most sectors witness inflows. The bank noted that a Trump second term would be positive towards clearer regulations.
“We think that a second Trump administration would be broadly positive via a more supportive regulatory environment. In a scenario of U.S. fiscal dominance, we think bitcoin would provide a good hedge against de-dollarization and declining confidence in the U.S. Treasury market.”
Standard Chartered Points To Debt and Regulation
A major factor driving new inflows to Bitcoin is unfavorable macroeconomic conditions. As a result, Bitcoin is seen as a hedge against inflation in many countries. Increasing United States debt has been described as bringing more users towards Bitcoin following reduced sentiment in the Treasury.
Furthermore, a Donald Trump re-election is now expected to bring the needed regulatory clarity to the sector after previous years of uncertainty. Recently, the Securities and Exchange Commission (SEC) has hit crypto firms with stifling lawsuits leading to a backlash from the wider community.
Firms like Coinbase, Ripple, Binance, Kraken, etc have come under regulatory scrutiny. It should be noted that ex-President Trump criticized Bitcoin in the past noting that he is not a fan of the asset stressing the volatile nature of cryptocurrencies.
Bitcoin To $150,000 After Trump Win?
Last year, institutional clients made bullish projections on Bitcoin’s growth. This was spurred by the anticipation of spot Bitcoin ETF approval and the price rally to $44,000 in December. Standard Chartered restated its $150,000 price projection for the asset at the end of the year and $200,000 in 2025.
While these estimates look far off the present price, should a Donald Trump win bring clarity, users estimate similar price rallies for the asset on the back of renewed investment.
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