Bitcoin Price – Election Impact on Bitcoin: Analysts Forecast Record Highs Regardless of Winner
Bitcoin Price – Just days after the first debate between former President Donald Trump and Vice President Kamala Harris, Polymarket odds have shifted to show Harris gaining a slight edge. However, despite the political uncertainty, analysts at British multinational bank Standard Chartered believe that Bitcoin will reach a new all-time high this year regardless of the election outcome.
Polymarket Shows Harris Leading Slightly
As of the latest data, crypto bettors on Polymarket favor Democratic candidate Kamala Harris to win the 2024 Presidential Election by a narrow margin—50% to Republican rival Donald Trump’s 49%. Despite this close margin, the election is still 54 days away, and crypto gamblers have predominantly favored Trump since February.
It’s important to note that U.S. citizens are banned from using Polymarket, although some American voters might use VPN services to access the platform. This means that many individuals betting on the election may not be registered U.S. voters.
Traditional Polling Shows Harris Ahead
Traditional polling methods have indicated that Kamala Harris has been pulling ahead of Trump for some time. Polymarket data also reveals that Harris is trending positively in key swing states such as Michigan and Wisconsin, where she is now rated with a 58% chance of winning the states’ combined 25 electoral votes. Harris is also close to flipping Nevada, which would add an additional six electoral votes to her tally. However, she still trails significantly in three crucial states—Arizona, Georgia, and Pennsylvania—which collectively account for 46 electoral votes.
Bitcoin’s Prospects Regardless of Election Outcome
Many analysts have suggested that a second term for Trump would be favorable for Bitcoin and the broader crypto industry. Nevertheless, Geoff Kendrick, global head of digital assets research at Standard Chartered, believes the impact of the election on Bitcoin might not be as pronounced as some expect.
Kendrick notes that progress on relaxing regulations—particularly the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings—is likely to continue into 2025, regardless of who wins the presidency. A Harris presidency might slow this progress slightly, but the overall trend towards regulatory improvement is expected to persist.
Bitcoin’s Predicted Price Movements
Standard Chartered’s predictions suggest that Bitcoin will likely hit an all-time high by the end of the year, regardless of the election results. They forecast Bitcoin reaching $125,000 if Trump wins and $75,000 if Harris emerges victorious. Kendrick adds that while a Harris victory might initially cause a price decline, the market is expected to recover as progress on regulatory matters continues and other positive drivers take effect.
Conclusion
As the 2024 Presidential Election approaches, the shifting odds and ongoing debates highlight a complex political landscape. Despite the election’s potential impact on market sentiment, analysts remain optimistic about Bitcoin’s future, projecting significant price increases regardless of who takes office. The coming months will be crucial in determining both the political and financial futures.
FAQ
What recent change has occurred in Polymarket odds regarding the 2024 Presidential Election?
Polymarket odds have recently shifted to show Democratic candidate Kamala Harris gaining a slight edge over Republican rival Donald Trump. Currently, Harris is favored to win with 50% compared to Trump’s 49%.
How might the outcome of the election affect Bitcoin’s price, according to analysts?
Analysts at Standard Chartered believe that Bitcoin will likely reach a new all-time high by the end of the year regardless of who wins the election. They predict Bitcoin could hit $125,000 if Trump wins and $75,000 if Harris wins.
What does Geoff Kendrick of Standard Chartered say about the impact of the election on Bitcoin?
Geoff Kendrick, global head of digital assets research at Standard Chartered, suggests that while the election outcome is relevant, it is less critical to Bitcoin’s future than previously thought. He expects that progress on regulatory issues will continue in 2025, regardless of the election result.
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