UK-based giant bank Standard Chartered increased its Bitcoin price forecast for the end of 2024 to $150,000.
At this point, the bank, which expects a long-term rise in BTC, said in a new report that US presidential candidate Donald Trump's victory in the elections could be positive for BTC and cryptocurrencies.
According to Coindesk, Standard Chartered stated that the risk of US financial dominance increases as the FED monetizes government debt, and that the scenario in which US financial risk increases as investors seek alternative assets will be supportive for Bitcoin and cryptocurrencies.
In addition, stating that Trump's possible victory will also support the rise, bank analyst Geoff Kendrick wrote in the report:
“In a scenario where the risk of US fiscal dominance increases, we think Bitcoin will provide a good hedge against de-dollarisation and reduced confidence in the US Treasury market.
“And in addition to the passive support of BTC from dedollarization, we expect a second Trump administration to actively support BTC through looser regulations and spot ETFs.”
Finally, the analyst reiterated that Standard Chartered's end-2024 target for Bitcoin is $150,000 and its 2025 target is $200,000.
*This is not investment advice.
