Bitcoin is going to break out to new highs by year-end irrespective of who wins the U.S. election, the report said.

The bank said bitcoin could reach $125,000 if Trump wins and $75,000 if Harris triumphs.

Standard Chartered said positive catalysts such as regulatory reform are expected to dominate the crypto market, regardless of the election outcome.

Bitcoin (BTC), the world’s largest cryptocurrency, is expected to hit a new high by year-end, regardless of who wins the U.S. election in November, investment bank Standard Chartered (STAN) said in a report on Thursday resuming coverage of the sector.

The outcome of the U.S. presidential election is important for digital assets, but it matters less than when Biden was the Democratic candidate, and less than markets think, the bank said.

Bitcoin is expected to hit new all-time highs by year-end irrespective of who wins the election, the report said, and could reach about $125,000 if Trump wins or around $75,000 if Kamala Harris triumphs.

The bank sees positive drivers dominating the crypto market.

“Progress on relaxing regulations – particularly the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings – will continue in 2025 no matter who is in the White House,” wrote Geoff Kendrick, global head of digital assets research at Standard Chartered, adding that progress would just take longer under a Harris presidency.

A re-steepening of the U.S. Treasury curve is also “building positive momentum” for bitcoin, the report noted.

Bitcoin is likely to sell-off initially if Harris wins, but Kendrick expects any dip to be bought as investors recognise that regulatory progress will still happen, albeit at a slower pace, and as other positive catalysts take over.

Read more: Bitcoin Could Hit $90K by Year End if Trump Becomes President Again: Bernstein