According to Markus Thielen, founder of 10x Research, Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), is likely to resign within the first two months of 2025, following President Joe Biden’s departure from the White House.
In a market report dated July 21, Thielen noted that SEC chairs usually resign when a new administration takes office. He suggested that a potential Trump presidency could pose significant challenges for Gensler’s role at the agency. Thielen also predicted that Biden’s withdrawal from the presidential race would almost certainly lead to Trump’s inauguration in January 2025. However, this view is contested by other industry commentators.
Thielen stated, “With Joe Biden dropping out of the US Presidential race, no credible candidate can seriously challenge Donald Trump. The November election seems to be decided without a single vote. For Bitcoin, a pro-crypto administration will likely take over.”
He added that although Gensler’s term officially ends on June 5, 2026, his resignation is expected by January or February 2025.
In February, Trump’s running mate, J.D. Vance, criticized Gensler as the “worst person” to regulate crypto assets, accusing him of having a regressive and overly politicized approach to crypto policy.
Thielen also highlighted several bullish catalysts for the crypto market in the coming weeks, mentioning that “multiple reports and rumors” suggest Trump may make a surprise announcement at the Bitcoin conference in Nashville, Tennessee, on July 25.
“Speculation is intense that he might declare Bitcoin as a strategic reserve asset, potentially causing Bitcoin’s price to soar dramatically,” Thielen stated.
He advised investors against taking profits or shorting BTC before Trump’s speech, noting that Bitcoin’s previous bull market peak of $68,300 might serve as a key threshold. According to Thielen, Bitcoin could trade above this level following an anticipated ‘parabolic move’ in the coming months.
Several analysts told Cointelegraph that, despite the ongoing political turmoil in the US, the outlook for Bitcoin and the broader crypto market remains positive.
They suggested that the recent turbulent price movements, driven by “forced selling” from the German government and creditor repayments by the collapsed crypto exchange Mt. Gox, are likely behind us. Analysts believe that Bitcoin has moved past the worst of its recent price fluctuations.
