Markus Thielen, founder of digital asset research firm 10x Research, predicts that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler may resign within the first two months after U.S. President Joe Biden leaves office in 2025.
SEC chairs typically resign when a new administration moves into the White House, Thielen said in a July 21 market note, adding that a Trump election would spell disaster for Gensler in his role as head of the agency. He cited Biden's sudden decision to abandon the campaign and considered Trump's swearing-in as president in January 2025 all but a certainty.
Thielen wrote:
“With Joe Biden out of the US presidential race, there is no credible candidate left to truly challenge Donald Trump. The November election appears to have been decided without a single vote being cast. vs Bit In the case of Bitcoin, a pro-cryptocurrency government will occupy the White House. Historically, this means that the SEC Chairman will resign when the new government is elected, although SEC Chairman Gensler’s term ends on June 5, 2026. , but he is very likely to resign before January or February 2025.”
With Joe Biden dropping out of the US Presidential race, no credible candidate can seriously challenge Donald Trump. The November election appears to have been decided without a single vote. For Bitcoin, a pro-crypto administration will enter the White House. Historically, this…
— 10x Research (@10x_Research) July 22, 2024
In addition, Thielen also pointed to a series of bullish catalysts for the cryptocurrency market in the coming weeks, saying that "multiple reports and rumors" suggest that Trump will make an unexpected announcement at the Bitcoin Conference in Tennessee, USA on July 25. declaration. Thielen said:
"The market is highly speculating that he will declare Bitcoin a strategic reserve asset, which may trigger a parabolic rise in Bitcoin prices."
Thielen does not recommend that investors take profits or short Bitcoin before Trump's speech, saying that Bitcoin's previous bull run high of $68,300 can be "defined as a line" and that he believes Bitcoin will rise in the coming months. A parabolic rise will occur above this price level.
However, some industry commentators take a different view. Pav Hundal, an analyst at cryptocurrency trading platform Swyftx, said that while Biden's withdrawal may improve Trump's election chances, it is difficult to directly link this to the current rebound in the broad cryptocurrency market.
"Judging from the experience with Bitcoin ETFs, we may see a temporary stagnation in prices before the upward trend continues." Hundal said: "This recent surge may be attributed to early speculation in Ethereum ETFs, which has a negative impact on investors." "It's important to be cautious and not get too excited in the short term."
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