Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), is likely to resign within the first two months of 2025, following the end of President Joe Biden’s term, according to Markus Thielen, founder of 10X Research.
Thielen’s prediction, which is contained in his firm’s market report published on July 21, comes in the wake of President Biden’s unexpected decision not to seek re-election, which the analyst believes significantly increases the likelihood of Donald Trump’s return to the White House. This potential change in administration could have far-reaching implications for the cryptocurrency market, with Thielen predicting a more crypto-friendly environment under a Trump presidency.
The report also hinted at possible bullish factors for the crypto market in the near term. Thielen mentions rumors of Trump potentially making a significant announcement at the upcoming Bitcoin conference in Tennessee on July 25.
“Speculation is high that he [Trump] will announce Bitcoin as a strategic reserve asset, which could trigger a parabolic rise in Bitcoin’s price,”
Thielen wrote in the report.
He advised investors against taking profits or shorting Bitcoin before Trump’s speech, suggesting that Bitcoin’s previous all-time high of $68,300 could be surpassed in the coming months. He predicted a possible “parabolic move” for Bitcoin’s price.
Notably, the former president was reportedly convinced to the attend the Bitcoin Conference in Nashville, Tennessee, from July 25 to 27, with a $15 million fundraiser promise by David Bailey, CEO of Bitcoin Magazine. Trump is scheduled to speak at 2 p.m. CT on the final day of the conference, sharing the stage with notable figures including Robert F. Kennedy Jr., Vivek Ramaswamy, and Republican Senators Bill Hagerty and Marsha Blackburn. This high-profile appearances has generated significant buzz within the crypto community, fueling speculation about potential crypto-friendly policy announcements.
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