As Bitcoin (BTC) has continued to surge to new heights at the start of the week, Standard Chartered Bank has predicted that a second term for President-elect Donald Trump will push the crypto market cap to the $10 trillion level. Moreover, they expect the feat to be reached by 2026.
The bank has expressed immense optimism about the industry’s potential under the Trump administration. With the reelected candidate, the country officially saw the first pro-crypto president take over the Oval Office. Subsequently, the bank has expected that to be massive for Bitcoin, Ethereum (ETH), and Solana (SOL).
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Trump’s Return to Spark Bitcoin Bull Run to $200k, Standard Chartered Predicts
This year has already been a massive one for cryptocurrencies. A reluctant US Securities and Exchange Commission (SEC) approved two crypto-based ETFs this year. Moreover, it has seen institutional interest in these assets surge. That is especially true with asset managers like BlackRock and Fidelity getting involved.
Yet, those are expected to be just the beginning of the asset class’s growth trajectory. Indeed, Standard Chartered Bank has predicted that Trump’s 2024 election win is set to push the crypto market cap above $10 trillion by 2026. The projection is all the more feasible considering his win has already impacted Bitcoin. Teh token is up nearly $10,000 above its previous all-time high—set in March of this year—this week.
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“The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most,” ban analyst Geoff Kendric said according to a Coindesk report. Moreover, he noted that a Bitcoin reserve policy could be in place. However, they described such a development as a “low-probability but high-impact event.”
Additionally, they forecasted Bitcoin to reach $200,000 by the end of next year. On its current trajectory, that certainly appears possible. However, it isn’t alone, as they also expect Ethereum (ETH) to set a new $10,000 all-time high in the coming year. Meanwhile, they project Solana to outperform the two leading currencies in a year that could end up being monumental for digital asset investors.