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Standard Chartered Predicts BTC Could Hit $150K As Trump Gains More Crypto Support with $1M Kraken Founder Donation
- Standard Chartered suggests BTC may reach US$150,000 if Trump is re-elected, viewing his victory as unpriced in markets.
- A recent debate was less than favourable for Biden, with voters increasingly supporting Trump, now a proponent of Bitcoin.
- Trump’s endorsement and the financial sector’s engagement suggest a significant shift in crypto discourse and national competition.
British multinational bank Standard Chartered has predicted that a Trump win over Biden in November is not yet priced in. According to a report by the Bitcoin Archive, the bank sees the price of BTC going to US$150,000 (AU$224,891) in the event that Donald J Trump becomes US President once again.
Biden and Trump held a first debate last week, which wasn’t very favourable for Biden, to say the least. Voters are now mostly in favour of a replacement for Joe Biden, while Donald Trump seems to be gaining popularity.
Related: Ripple CEO Warns: Gary Gensler’s Policies Could Jeopardise Biden’s Re-election Chances
Trump, a crypto and Bitcoin sceptic for a while, has recently been an avid supporter of Bitcoin and Co. In February he gave his strongest endorsement yet, saying he “can live with it [Bitcoin]”.
Trump to Be “Crypto President” If Elected
Comments in May then turned Trump into the would-be “crypto president” if elected. This is seen as an important step, not only by Standard Chartered. Earlier in June, Pixelmatic CEO Samson Mow noted that the significance of Trump’s BTC support is widely underestimated.
Mow suggested that the issue isn’t about political affiliations or fulfilling promises. Rather, it represents a shift in how people discuss Bitcoin, signalling the start of a global competition for dominance in the sector.
The company making the lofty US$150K prediction, Standard Chartered, has an interesting history with crypto. Less than two weeks ago, reports surfaced detailing that the firm wants a slice of the crypto market.
Apparently, Standard Chartered is getting into the Bitcoin and Ethereum trading game, setting up a trading desk. The move would make the bank the first global bank to offer spot crypto trading.
Kraken Founder Donates to Trump, Criticises Biden
Meanwhile, Kraken co-founder Jesse Powell threw his support behind Trump, donating US$1 million (AU$1.5 million) to his campaign efforts.
Powell’s donation was mainly in Ethereum and comes after Cameron and Tyler Winklevoss donated US$1 million in BTC.
Ark Invest CEO Cathie Wood also openly supports Trump, saying she will vote for him and believes he is the best candidate for the US economy.
Related: Solana Rises 14% In Past Week, Outshines Bitcoin and Ether Amid New Tech Releases and US ETF Filings
Powell criticised the Biden administration for its tough stance on crypto, saying its actions harm the US on the global digital asset market stage.
Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement.
Jesse Powell 
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
