As the 2024 U.S. Presidential Election approaches, both political outcomes are expected to impact Bitcoin’s performance. Analysts at Standard Chartered predict a new Bitcoin high regardless of whether Donald Trump or Kamala Harris wins the race.
Kamala Harris Pulls Ahead in Polymarket Odds, Bitcoin Predicted to Peak Regardless of Election Outcome
Following the first debate between former President Donald Trump and Vice President Kamala Harris, Polymarket odds have shifted, showing Harris slightly ahead. Standard Chartered analysts predict a new Bitcoin peak this year, no matter who wins the election.
Currently, Harris is favoured by crypto bettors with a slim 50% to Trump’s 49%, though U.S. citizens are barred from using Polymarket. Harris also leads in key swing states Michigan and Wisconsin, with a 58% chance of winning their combined 25 electoral votes.
Harris Nears Nevada Flip, Trails in Key States as Bitcoin Outlook Remains Positive
Vice President Kamala Harris is close to flipping Nevada, which would add six electoral votes to her tally. However, she still lags behind in Arizona, Georgia, and Pennsylvania, which offer a combined 46 electoral votes.
Analysts have suggested that a second Trump term could benefit Bitcoin and the crypto industry. However, Standard Chartered’s Geoff Kendrick believes the difference wouldn’t be drastic. He expects progress on easing crypto regulations, like repealing SAB 121, to continue in 2025, though at a slower pace under a Harris presidency.
Bitcoin to Surge by Year’s End, Regardless of Election Winner
Though the upcoming election remains relevant to crypto markets, its impact has lessened since President Joe Biden withdrew. Standard Chartered predicts Bitcoin will hit an all-time high this year, reaching $125,000 if Trump wins and $75,000 if Harris prevails.
“A Harris win may cause an initial price dip,” wrote Geoff Kendrick, “but we expect buyers to step in as the market realises regulatory progress will continue, alongside other positive factors.”
Reference: Decrypt https://decrypt.co/249073/bitcoin-hit-new-high-price-trump-or-harris-wins-bettors-favor-kamala
