The upcoming U.S. presidential election is poised to be a major catalyst for Bitcoin, potentially driving its price to $150,000 by year-end if Trump wins, according to Standard Chartered. With the launch of U.S. Bitcoin exchange-traded funds earlier this year, crypto has gained growing bipartisan interest in Washington. Historically, the U.S. has maintained an anti-crypto stance, but recent discussions among lawmakers suggest this position may be shifting.

Geoff Kendrick, head of digital assets research at Standard Chartered, predicts that Bitcoin could reach $100,000 as the election approaches and surge to $150,000 by the end of the year if Trump is victorious. He noted, “The next large driver for BTC will then become the US election.” Kendrick highlighted the Biden administration’s recent approval of Ethereum ETFs while also noting Biden’s veto of efforts to repeal SAB 121, which requires banks to treat digital assets as liabilities. This makes Trump appear more crypto-friendly than Biden.

Kendrick also mentioned that Bitcoin could reach a new record over the weekend if the upcoming nonfarm payrolls report is favorable, paving the way for $80,000 later this month. Bitcoin’s current record, reached on March 14, is $73,797.68.