PANews reported on November 6 that Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, said at a briefing on Wednesday that after Trump's victory, the price of Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025. This forecast echoes the estimates made by analysts at research and brokerage firm Bernstein earlier this month. Standard Chartered Bank also made a similar forecast in October.
Kendrick believes that many of Trump's pro-cryptocurrency promises, such as firing SEC Chairman Gary Gensler, establishing a national strategic bitcoin reserve, and reshaping the United States into a "bitcoin superpower," will drive bitcoin higher. Kendrick said that from bitcoin options trading, Standard Chartered Bank has found a lot of investor interest in prices around $80,000, suggesting that the cryptocurrency will reach that level "in the next week or two."
On the regulatory front, Kendrick said he expects Trump to overturn Biden's veto of SAB 121, a controversial SEC accounting guideline that critics say prevents investment banks from offering cryptocurrency custody services on a large scale. Kendrick believes Trump will achieve this goal soon after he takes office on January 20 next year, and believes the move will drive more institutional adoption of cryptocurrencies.
