Geoff Kendrick, global head of digital assets research at Standard Chartered — a cross-border bank — believes Bitcoin (BTC) will have likely reached $200,000 by the end of 2025 regardless of who wins the 2024 United States presidential election.
According to the bank executive, three factors are poised to drive the price of Bitcoin to new all-time highs in 2025, including the likely removal of Staff Accounting Bulletin-121 (SAB-121) — a rule effectively preventing banks from holding digital assets for clients — a marginal uptick in inflation, and positive inflows into Bitcoin exchange-traded funds (ETFs).
Kendrick expects SAB-121 to be repealed by both Former President Donald Trump and Vice President Kamala Harris. Similarly, the Standard Chartered executive said that leadership changes at the Securities and Exchange Commission were likely coming — specifically noting SEC Chair Gary Gensler’s negative impact on the crypto industry and what Gensler’s potential replacement could mean for the markets.
Current Polymarket odds for the 2024 US presidential election. Source: Polymarket
“You’ll probably see more ETFs relatively quickly. Solana, I would say, would be the most likely third one,” Kendrick predicted. Turning the focus to the macroeconomic picture, the executive stated:
“10-year yields are above two-year yields for the first time for a number of quarters now, and that’s a marginally positive story within that as well. You’ve got inflation expectations up, a bit, whereas real yields are down a bit.”
Kendrick concluded by forecasting the price of Bitcoin to reach approximately $125,000 by the end of 2024 if former President Trump manages to secure the White House, but he also expects the price of BTC to hit an all-time high of $200,000 by the end of 2025 “no matter who’s in the White House.”
Related: Crypto may swing election in battleground states — Law professor
45 days until the 2024 US presidential election
As the November election draws closer, crypto political action committees (PACs) are spending millions on campaigns in the hopes of securing pro-crypto policies and candidates in office.
The 2024 presidential race has elevated crypto to the national level for the first time in history. According to a recent poll from the Gemini exchange, approximately 73% of US-based respondents indicated that crypto policy would influence their vote in some form.
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