Jeffrey Kendrick, head of FX and digital asset research at Standard Chartered, said that "the price of bitcoin is likely to hit a new high in August and top $100,000 by election day." Mr. Kendrick's prediction hinges on whether Joe Biden remains in the US presidential race - a scenario seen by markets as conducive to a Trump victory. Analysts at Standard Chartered see Mr. Trump as "positive on bitcoin", noting that the former president's chances of election are positively correlated with the price of bitcoin. "The logic here is that both regulation and mining will be better off under Trump."