Standard Chartered has released a report predicting a potential rise in bitcoin’s value, could approach its previous high of $73,800 in the lead-up to the U.S. presidential election.
A few crypto outlets cite the report.
First: Several key factors are driving this trend
- renewed interest in spot bitcoin exchange-traded funds (ETFs)
- Trump’s improving election odds (could create a favorable environment for bitcoin)
- increased institutional interest, with substantial inflows into spot bitcoin ETFs and growing activity in bitcoin call options, particularly those with an $80,000 strike price
And:
- BNY Mellon received an exemption from SAB 121, a regulation that requires financial institutions to list cryptocurrencies on their balance sheets, Stan Chart say that such regulatory relief is often seen as a positive signal for the broader Bitcoin market
- MicroStrategy’s declared intention to evolve into a “Bitcoin bank,” which would involve offering Bitcoin capital market instruments, future exemptions could enable the firm to generate yield by lending out its Bitcoin holdings. As the digital asset ecosystem gains legitimacy and accessibility, MicroStrategy’s valuation should rise, further benefiting BTC’s price over the long term.
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Stan Chart projected BTC/USD will reach new all-time highs by the end of 2024
- potential price targets of $125,000 if Trump wins and $75,000 under a Harris presidency
