Standard Chartered: Donald Trump’s victory good for Bitcoin

According to the bankers at Standard Chartered, a victory for Donald Trump in the US elections could herald a strong period for Bitcoin and other cryptocurrencies. The American elections are scheduled for November and are now very close.

Will Donald Trump take a softer stance?

During his first presidency from 2017 to 2021, Trump had skeptical views on cryptocurrencies. However, recent statements from Trump suggest that he has a different view on Bitcoin and crypto these days. During an interview in March, Trump indicated that he would not stop the rise of Bitcoin.

“The use of Bitcoin and crypto is increasing and I’m not sure I want to stop them at this point,” Trump said.

Geoffrey Kendrick, a digital assets researcher at Standard Chartered, pointed out that the Trump administration could adopt less stringent regulatory measures for crypto than the current Biden administration. This possible policy change could encourage foreign buyers of U.S. Treasuries to explore alternative financial assets like Bitcoin, causing its price to rise.

“We think a second Trump administration would be generally positive through a more supportive regulatory environment,” Kendrick said in a report on Tuesday.

From NFTs to Election Topics

Trump’s evolving perspective on crypto is partly influenced by his own experiences. From 2022-2023, Trump launched several NFTs around his personal brand. Moreover, he has over $5 million worth of crypto in his public portfolio.

Amid these discussions, cryptocurrencies have also become a significant election topic. According to a survey by the Digital Currency Group (DCG), one in five voters consider cryptocurrencies an important issue for the 2024 elections.

This concern is especially prevalent among voters from states such as Michigan, Ohio, Montana, Pennsylvania, Nevada and Arizona. These voters show a clear distrust in the ability of elected officials to understand and manage innovative technologies like cryptocurrency.

Nearly half of voters surveyed are concerned about candidates hindering innovation in the crypto space. About 30% stated that they are more likely to support pro-crypto politicians. Moreover, 25% said they have more confidence in candidates who show enthusiasm for crypto.

Amid these political dynamics, Standard Chartered has a positive outlook on Bitcoin’s future. The bank has predicted that the recent adoption of Bitcoin exchange-traded funds (ETFs) and subsequent inflows could push Bitcoin’s price to $150,000 by the end of the year, with the potential to hit a cyclical high of $250,000 next year .

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