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🔥 2 scenarios for Bitcoin related to the US election
Standard Chartered predicts that the US election in November will impact the market in 2 scenarios depending on whether Mr. Biden withdraws from the race:
1️⃣ Mr. Biden does NOT withdraw - Mr. Trump is re-elected
On 04/08 is the deadline according to Ohio law for candidates to register for the presidential election. If Mr. Biden is still the Democratic Party candidate on this day, Standard Chartered predicts that the price of Bitcoin will soar because if Mr. Biden competes with Mr. Trump, Mr. Trump is likely to win.
Under this scenario, the price of Bitcoin could rise to $150,000 by the end of 2024. This is due to strong support from Mr. Trump for Crypto and Bitcoin, creating favorable conditions for Bitcoin mining regulations and companies.
2️⃣ Mr. Biden WITHDRAWS from the race
On the contrary, if Mr. Biden withdraws and is replaced by a reliable candidate like Mrs. Michelle Obama or Vice President Kamala Harris, the price of Bitcoin may decrease because these candidates have not publicly taken a clear position on Crypto and furthermore, the likelihood of Mr. Trump winning the election will decrease when facing more heavyweight opponents than Mr. Biden.