Crypto market could reach $10 trillion by 2026
Standard Chartered has projected that the total cryptocurrency market capitalisation could grow to $10 trillion by 2026, driven by a potential Republican policy shift after Donald Trump's re-election.
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” said Trump, now referred to as the "crypto president."
Throughout his 2024 campaign, Trump transitioned from a Bitcoin (CRYPTO:BTC) sceptic to an advocate, promising a “strategic national Bitcoin stockpile” and opposing the previous administration’s strict crypto stance.
Bitcoin’s price surged past $90,000 following Trump’s election, surpassing its previous record of $73,000 set in March.
This rally added over $650 billion to the total market, bringing its value to $3.2 trillion.
Optimism over the administration’s potential pro-crypto measures has been a significant factor in this increase.
“The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most,” said Geoff Kendrick, Head of Digital Assets Research at Standard Chartered.
The bank's report suggests that pro-crypto policies from a Republican government could drive a fourfold increase in the market’s value over the next few years.
While the creation of a national Bitcoin reserve is considered unlikely, Standard Chartered described it as a “low-probability but high-impact event,” with potentially significant implications.
“With a Republican sweep in the U.S. election now looking likely, we believe we have entered the crypto summer,” Kendrick added.
If Bitcoin reaches these projected levels, its market capitalisation could surpass $4.3 trillion, exceeding the value of the British pound money supply.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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