Election Outcome Could Send Bitcoin Soaring to $125K!

Geoff Kendrick predicts that BTC could hit $125K by year's end if Trump wins the election.

Author

Danielle du Toit
October 25, 2024

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  • Bitcoin Could Hit $125,000 by Year-End if Republicans Win US Elections

  • Solana Hits Record $8.7M in Network Revenue as Blockchain Activity Soars

  • Microsoft Shareholder Proposes Firm Look Into Investing in Bitcoin

  • Approximately $20 Million in Crypto Likely Stolen from US Government, Sleuths Arkham and ZackXBT Say

Geoff Kendrick of Standard Chartered Bank predicts that Bitcoin could reach $125,000 by year's end if Trump wins the US presidential election in November.

  • Kendrick predicts a 4% rise in Bitcoin’s price immediately after a Trump re-election, which could then be followed by an additional 10% increase in the days after.

  • If Vice President Kamala Harris wins, Bitcoin could experience a temporary downturn before stabilizing around $75,000 by year-end.

  • Other analysts also share Kendrick's bullish outlook. A Bitwise executive recently predicted that Bitcoin could reach $92,000 if Trump wins.

💰️ Solana Hits Record $8.7M in Network Revenue as Blockchain Activity Soars

Solana hit an all-time high in network revenue on Oct. 22, according to data from Blockworks Research.

  • The blockchain's network revenue rose to almost $8.7 million on Oct. 23, up from just under $8 million the previous day.

  • The surge in revenue is likely due to the blockchain's expanding ecosystem, especially in the decentralized finance (DeFi) and non-fungible token (NFT) sectors.

  • The network also still outperforms its closest competitor, Ethereum, in several key metrics.

Microsoft shareholders will vote in December on whether the company should add Bitcoin to its balance sheet.

  • The Microsoft board opposes the proposal because the company already evaluates a wide range of investable assets.

  • The proposal specifically pointed out MicroStrategy’s Bitcoin strategy, which has outperformed Microsoft by over 300% this year despite its smaller business operations.

  • The proposal also mentioned that institutional and corporate adoption of Bitcoin is becoming a lot more common, particularly through spot Bitcoin exchange-traded funds.

🚨 Approximately $20 Million in Crypto Likely Stolen from US Government, Sleuths Arkham and ZachXBT Say

According to Arkham Intelligence, someone stole close to $20 million worth of crypto from wallets that belong to the U.S. government.

  • Some unusual on-chain activity look place around 2:00 p.m. ET on Thursday. The activity involved funds that were withdrawn from Aave, which were inactive for over eight months.

  • Crypto investigator ZachXBT suggested that the funds were more likely stolen rather than moved by the U.S. government itself.

  • The identity of the person behind the movement is still unknown, and it is also still unclear exactly how the government's cryptocurrency holdings were compromised.

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