- Standard Chartered sees Bitcoin hitting $73K on Election Day if Republicans win the presidency and Congress.
- Ripple CEO Brad Garlinghouse remains optimistic about a pro-crypto Congress regardless of election outcome.
- A Harris win may cause a brief Bitcoin dip, but recovery is expected as crypto regulations stabilize later.
Standard Chartered predicts that Bitcoin could reach $73,000 on Election Day, November 5. Geoffrey Kendrick, the bank’s head of digital assets research, highlighted the possibility of substantial price movement. The report suggests Bitcoin may gain further if Republicans win both the presidency and Congress.
Trump Victory Could Propel Bitcoin
If Donald Trump wins, the price of Bitcoin could potentially increase by as much as 10% in the days after the election. Betting platforms like Polymarket show a 59% to 64% chance of Trump winning. Additionally, there is a 75% probability of Republicans sweeping Congress if he wins.
Analysts anticipate an immediate 4% increase overnight, which could push Bitcoin to approximately $76,000. The high demand for Bitcoin call options at the $80,000 level for December indicates further expected momentum.
Harris Win May Cause Temporary Bitcoin Dip
If Kamala Harris wins, Bitcoin could initially experience a dip. The report notes that her administration may be slower to introduce favorable crypto regulations, causing temporary market uncertainty.
However, Kendrick thinks the effect would only last for a short time. He anticipates Bitcoin will bounce back and level out at approximately $75,000 before the end of the year.
Ripple CEO Remains Optimistic
Brad Garlinghouse has expressed optimism about the crypto environment after the election. He stated that, regardless of the outcome, he expects a more pro-crypto and pro-innovation Congress. Ripple, which primarily conducts business outside the US, sees clarity in US regulations as crucial. The company continues to monitor the evolving landscape closely, as US policies significantly affect its operations globally.
By maintaining this perspective, Ripple remains focused on navigating potential changes in the US regulatory space while expanding its global influence. Garlinghouse’s view reflects a cautious yet hopeful approach, acknowledging the critical role of a favorable Congress in the crypto industry’s growth.
