One industry analyst believes the SEC chairman could be out sooner than expected
In a recent market report, Markus Thielen, founder of 10x Research, predicted that United States Securities and Exchange Commission (SEC) Chair Gary Gensler would likely resign within the first two months of 2025. Thielen’s forecast is based on the historical trend of SEC chairs stepping down when a new administration takes office. This prediction is further fueled by the potential political shifts expected in the upcoming 2024 presidential election.
Thielen’s analysis suggests that Gensler’s departure is almost certain if former President Donald Trump returns to office. He cited President Joe Biden’s unexpected withdrawal from the presidential race as a significant factor contributing to this prediction. Thielen argues that without Biden, there is no credible contender to challenge Trump, implying a nearly assured victory for the former president.
The implications for Gensler’s role are stark. Trump’s running mate, J.D. Vance, has been vocal in his criticism of Gensler, labeling him the “worst person” to oversee crypto assets. Vance’s remarks highlight the perceived misalignment between Gensler’s regulatory approach and the pro-crypto stance favored by Trump’s camp.
The potential shift in administration also holds significant implications for the cryptocurrency market. Thielen points to several bullish catalysts on the horizon, suggesting that the market is gearing up for substantial developments.
Speculation is rampant about Trump possibly making a groundbreaking announcement at the upcoming Bitcoin conference in Nashville, Tennessee, on July 25. Thielen believes that Trump might declare Bitcoin a strategic reserve asset, a move that could trigger a dramatic surge in Bitcoin’s price.
In light of these potential developments, Thielen advises investors to hold off on taking profits or shorting Bitcoin before Trump’s anticipated speech. He posits that Bitcoin’s previous all-time high of $68,300 could serve as a new baseline, with expectations of a parabolic price movement in the coming months.
Despite the current political uncertainty in the US, the outlook for Bitcoin and the broader crypto market appears promising. Analysts believe that the worst of Bitcoin’s recent price fluctuations, driven by forced selling from the German government and repayments by the defunct crypto exchange Mt. Gox, are now behind us. This renewed optimism suggests that the crypto market could be poised for a period of growth and stability.
