As Bitcoin (BTC) continued to hit new highs earlier this week, Standard Chartered Bank predicted that a second term for President-elect Donald Trump would push the crypto market cap to $10 trillion. They also expect this feat to be achieved by 2026.
The bank expressed immense optimism about the industry’s potential under the Trump administration. With the candidate re-elected, the country officially saw the first pro-crypto president take over the Oval Office. Subsequently, the bank expects it to be massive for Bitcoin, Ethereum (ETH), and Solana (SOL).
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Trump’s return to trigger Bitcoin rally to $200,000, Standard Chartered predicts
This year has already been a big year for cryptocurrencies. The reluctant U.S. Securities and Exchange Commission (SEC) approved two crypto-based ETFs this year. In addition, there has been a renewed institutional interest in these assets. This is especially true with the involvement of asset managers like BlackRock and Fidelity.
Yet this should be just the beginning of this asset class’s growth trajectory. Indeed, Standard Chartered Bank has predicted that Trump’s victory in the 2024 election is expected to push the crypto market capitalization above $10 trillion by 2026. This projection is all the more feasible given its victory has already had an impact on Bitcoin. The token is up almost $10,000 above its previous all-time high, set in March this year, this week.
Also Read: Can Bitcoin (BTC) Reach $100,000 in November 2024?
“The rising tide is expected to wipe out all digital assets; those with the most exposure to end-use cases stand to benefit the most,” ban analyst Geoff Kendric said according to a Coindesk report. Additionally, he noted that a Bitcoin reserve policy could be implemented. However, they described such a development as a “low probability but high impact event”.
Additionally, they predict that Bitcoin will reach $200,000 by the end of next year. Given the current trajectory, this certainly seems possible. However, it is not the only one, as they also expect Ethereum (ETH) to set a new all-time high of $10,000 in the coming year. Meanwhile, they predict Solana will outperform both major currencies in a year that could prove monumental for digital asset investors.
