A Republican sweep will push Bitcoin to $125,000 by the end of the year, says Standard Chartered.

The British bank said that if Republicans win the Senate, the House of Representatives, and the White House, it will be easier for the digital asset industry

Standard Chartered has predicted that a Republican sweep in the upcoming US elections will propel Bitcoin to an astronomical $125,000 by the year’s end.

The British bank said that if the GOP manages to secure the Senate, the House of Representatives, and the White House, the digital asset industry will have an easier time passing new laws favorable to the crypto space.

But what if Vice President Kamala Harris becomes the next president?

“In a Harris scenario, we still think BTC can end the year at around $75,000,” Geoff Kendrick, Standard Chartered’s head of digital asset research, wrote in a note on Friday.

Bitcoin to the moon no matter what?

Either way, it doesn’t matter how the US elections pan out on November 5, say analysts—Bitcoin is headed for the moon. Now, it’s only a question of how high.

That’s because both Trump and Harris have made pro-crypto overtures ahead of the vote.

Trump trade

The former president’s full-throated advocacy has, however, made him a favorite in some crypto circles. Supporters such as Messari’s Ryan Selkis have argued that crypto’s future hinges on Trump’s ability to reclaim the White House.

This has given rise to the so-called “Trump trade,” the idea that Bitcoin will soar if the real estate tycoon wins.

In September, Bernstein analysts predicted that Bitcoin’s price would surge to $90,000 this year if that happens, but it would fall as low as $30,000 if Harris were elected. They have since changed their tune and predict it will hit $200,000 by the end of 2025.

Similarly, a Kaiko analysis of Bitcoin options data suggests that traders already bet the cryptocurrency will hit a new all-time high no matter who wins the election.

A ‘scam’

After calling Bitcoin a “scam” in 2021, Trump flipped the script in May and campaigns as a pro-crypto candidate. His sons have even launched a DeFi project called World Liberty Financial.

Harris, though initially quiet on the matter, said in September that her administration will boost America’s competitiveness and partner with companies to “encourage innovative technologies like AI and digital assets.”

Standard Chartered’s note also says that Harris would be less negative for crypto than another Biden term. That’s because Biden vetoed a bill that would have allowed traditional banks to custody cryptocurrencies.

“With digital assets having become a more prominent political issue since then, we doubt whether a Harris administration would seek the same veto,” wrote Kendrick.

“Bitcoin would head higher after an initial dip, once the market recognises that regulatory change is still likely under Harris, even if at a slower pace.”