International Bank, Standard Chartered predicts that Bitcoin will reach a new high by the end of 2024 regardless of who wins the presidency of the United States.
However, the cryptocurrency could potentially jump higher if Donald Trump is elected president.
Analyst Geoff Kendrick labeled Donald Trump as the 'Crypto President' because his victory was able to boost the Bitcoin token to reach $125,000 which is around 117% by the end of this year.
At the Bitcoin 2024 conference in July, Trump announced plans to eliminate federal crypto regulations known as 'Checkpoint 2.0' and replace Gary Gensler as chairman of the Securities and Exchange Commission.
It is also his statement that he promised to keep 100% of federally owned bitcoins in national reserves and to keep around 1% of global Bitcoins.
Donald Trump's shift to being pro-crypto is getting more attention as President Joe Biden's administration imposes strict laws against the industry.
However, the latest Democratic candidate, Kamala Harris, is more open to the crypto industry in several respects.
The analyst predicts Bitcoin tokens will reach $200,000 by the end of next year.