Standard Chartered Sees Bitcoin Soaring to $73,800 as US Election Draws Near

Banking giant Standard Chartered predicts that bitcoin could surge toward its all-time high of $73,800 as the U.S. presidential election approaches.

Geoff Kendrick, the bank’s Global Head of Digital Assets Research, attributes this potential rally to rising Treasury yields, renewed interest in bitcoin ETFs, and improving election odds for Donald Trump. He highlights increased institutional inflows and significant activity in bitcoin call options, especially around the $80,000 strike price set for December.

Kendrick notes that Trump’s rising chances of winning, currently at 56.3%, could further boost bitcoin’s value, creating a favorable environment for risk assets. Regardless of the election outcome, he asserts that the trend toward digital asset adoption will continue, with predictions of bitcoin reaching $125,000 if Trump wins and $75,000 under a Harris presidency.

Clever Robot News Desk 17^th October 2024