- British banking analysts say there is not much certainty regarding Ether and SOL.
- Both Trump and Harris have changed their approach to cryptocurrencies.
- This is another sign that Bitcoin's risk to political fluctuations is decreasing.
First of all, the good news.
Regardless of who wins the US presidential election, the price of Bitcoin will likely triple to $200,000 by the end of 2025, according to Jeffrey Kendrick, global head of digital asset research at Standard Chartered Bank. .
However, things are not so rosy for Ethereum and Solana, the second and third largest cryptocurrencies in the world.
“Broadly speaking, we believe the Trump administration will be more supportive of the broader digital asset ecosystem than the Harris administration,” Kendrick said in a research note published Tuesday.
This research note arrived 28 days before the US presidential election.
Many investors expect the election to determine whether U.S. regulators continue to crack down on the crypto industry or usher in a new era for the asset class, which may require its own bespoke rules. I am doing it.
The industry has poured $174 million into lobbying efforts to support crypto-friendly candidates.
trump vs harris
The British bank believes Bitcoin will rise no matter what, but drew a distinction between former president and Republican candidate Trump and Vice President Harris.
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Kendrick said he expects ether to rise about 300% to $10,000 by the end of next year if Trump wins. If Harris wins, he predicted the stock would not rise as dramatically to $7,000.
Kendrick said SOL would likely skyrocket by 400% by the end of 2025 if Trump wins, but how much does he expect Solana's tokens to be worth under a Harris administration? was not disclosed.
Solana is playing
Kendrick said the spot Solana exchange-traded fund (ETF), similar to Bitcoin and Ethereum funds launched this year, is more likely to be approved in 2025 under the Trump administration than under the Harris administration. He said it was highly sexual.
Similarly, he will appoint a replacement for the tough head of the U.S. Securities and Exchange Commission, Chairman Gary Gensler. Mr. Trump has also mused about creating a Bitcoin reserve fund, but has not provided details on how it would be funded or how it would work.
Harris has indicated she intends to take a less aggressive approach to digital assets than President Joe Biden, but has not yet made a detailed proposal.
Harris certainly placed blockchain technology alongside quantum computing and AI as a key source of innovation and economic growth. However, crypto advocates remained skeptical given the Biden administration's many enforcement actions and dismissed her position as “empty words.”
In response to this situation, “Trump Trade,'' a bet that Bitcoin will skyrocket if Trump wins, has become active.
For example, Bernstein said that if Trump wins, Bitcoin will reach an all-time high of $90,000 in the short term, but if Trump loses, it will fall to $40,000.
But in the long run, “Bitcoin could do well with either outcome,” Wall Street research firm analysts wrote in a note Wednesday.
Other assets such as Ethereum and Solana “will remain range bound until the election and will only take a definitive direction after the election when the position of the SEC chairman and regulatory aide in the White House becomes clearer.” The researchers continued.
Virtual currency market movements
- Bitcoin is trading at $61,940, down 0.6% in the past 24 hours.
- Ethereum rose 0.3% to trade at $2,430.
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Eric Johansson is news editor at DL News. Any tips? email address: eric@dlnews.com.
