• Standard Chartered’s Geoff Kendrick foresees a bullish trajectory for Bitcoin, with expectations of reaching $100,000 and potentially $150,000 by the end of the year if Trump secures victory.
• While the Biden administration has displayed some openness to digital assets, Trump’s stance is perceived as more favorable for crypto.

Former US President Donald Trump has backed his commitment to the crypto community if he comes back to power later this year in 2024. Banking giant Standard Chartered believes that Trump’s reappointment could be a game-changer for the crypto industry, particularly for Bitcoin. If Trump returns as the US President, Standard Chartered expects the Bitcoin price to rally to $150,000 by the year-end.

The approval of the spot Bitcoin ETF in January 2024, has got lawmakers discussing with crypto becoming a bipartisan issue. The U.S. has traditionally maintained an anti-crypto stance, but recently, lawmakers have begun questioning the sustainability and appropriateness of this position. Geoff Kendrick, head of digital assets research at Standard Chartered, said:

“As we approach the U.S. election I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory. The Biden administration recently showed pragmatism in approving the ETH ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden.”

The highly anticipated U.S. employment data released this week revealed that 272,000 jobs were added in May, surpassing market expectations. Investors had been eagerly awaiting this report for insights into the current health of the labor market.

Donald Trump Vows to Be “Crypto President”

At a San Francisco fundraiser on Thursday, Republican presidential candidate Donald Trump positioned himself as a staunch advocate for cryptocurrency, criticizing Democratic efforts to regulate the industry, according to three sources briefed on the event.

San Francisco-based tech executive and former Trump ambassador to Austria, Trevor Traina, reported that Trump dubbed himself the “crypto president” during the fundraiser.

Republican National Committeewoman Harmeet Dhillon stated that Trump emphasized the significance of cryptocurrency and expressed strong support for the sector, although he did not outline specific policies.

Jacob Helberg, an adviser to data analytics firm Palantir, asserted that Trump pledged to halt the Biden-Gensler campaign against crypto within one hour of a potential second Trump administration, referencing SEC Chair Gary Gensler.

Conversely, the Biden administration has signaled a willingness to collaborate with Congress in crafting a regulatory framework for cryptocurrencies, per the Crypto News Flash report. White House spokesperson Robyn Patterson emphasized the administration’s support for digital asset innovation while aiming to shield consumers from associated risks, according to a statement provided to Reuters.