Standard Chartered: Aug. 4 Key Date for Biden's Decision, If He Drops Out of the Race or Pushes Bitcoin to New Highs

July 3 (Bloomberg) -- Standard Chartered Bank has made a prediction on the price of bitcoin as the U.S. election nears Election Day in November, according to Bitcoin.com. Geoffrey Kendrick, head of the bank's foreign exchange and digital assets research unit, said on Tuesday that bitcoin is likely to hit an all-time high in August before reaching $100,000 on U.S. election day. The analyst's prediction hinges on incumbent President Joe Biden staying in the race, which the market believes would increase the chances of Trump being re-elected. This outcome is seen as favorable for Bitcoin, as a Trump victory could lead to policies that are more favorable to the cryptocurrency market. The analyst believes that Trump's win could create a regulatory environment that is favorable to the growth of digital assets.

The Standard Chartered analyst also shared predictions for other election scenarios. He explained that the least likely scenario would be Biden dropping out of the race in late July, which could lead to a drop in the price of bitcoin to between $50,000 and $55,000.Kendrick emphasized that August 4 is a key date for Biden to make his decision. "That's the date required by Ohio law to register as a presidential candidate. So if Biden is still the Democratic candidate on Aug. 4, he will be the same in the first week of November." He noted. Additionally, the analyst said that if Biden's Democratic replacement is highly credible, "the bitcoin price will remain weak." Standard Chartered maintained its $150,000 target for Bitcoin by the end of the year and predicted it would reach $200,000 by 2025.