10x Research recently made a bold prediction regarding President Joe Biden’s withdrawal from the 2024 presidential race. The firm suggested that if Biden were to step back, it would pave the way for former President Donald Trump to secure a “decisive victory” in the upcoming November election. According to 10x, no credible candidate would be able to seriously challenge Donald Trump, effectively deciding the election outcome even before a single vote is cast.
10x Research believes that this potential shift in power holds significant implications for both the political landscape and the crypto industry. With a pro-crypto administration more likely to take over the White House under Trump, substantial changes in the leadership of the Securities and Exchange Commission (SEC) could be on the horizon. Historically, the transition between administrations has often prompted the resignation of the incumbent SEC chair. In this case, 10x’s head of research, Markus Thielen, predicts that SEC Chair Gary Gensler would likely resign within the first two months of 2025 under a Trump administration.
If a Trump presidency were to come to fruition, it is anticipated that Gary Gensler’s role as head of the SEC would come to an end due to the administration’s pro-crypto stance. Trump’s running mate, J.D. Vance, has already criticized Gensler as the “worst person” to regulate crypto, citing his backward approach to crypto policy. The potential leadership changes at the SEC could usher in new perspectives and policies concerning the oversight of cryptocurrencies and blockchain technology, fostering a more favorable regulatory framework for digital assets.
Thielen highlighted several bullish catalysts for the crypto market, including the potential launch of spot Ethereum ETFs and rumors of Trump making a surprise announcement at the Bitcoin conference in Nashville. Industry insiders speculate that Trump might endorse Bitcoin as a strategic reserve asset and address some of the regulatory challenges faced by the industry during his speech. This could serve as a catalyst for a significant rise in Bitcoin’s value, with Thielen cautioning investors against taking profits or shorting BTC before Trump’s address.
As of press time on July 22, 2024, Bitcoin was trading at approximately $68,100, up 1.1% over the past hours and hovering close to its previous all-time highs. Bitcoin maintains its position as the top cryptocurrency by market cap, with a market capitalization of $1.35 trillion and a 24-hour trading volume of $43.81 billion. The total crypto market is valued at $2.47 trillion with a 24-hour volume of $90.73 billion, and Bitcoin dominance stands at 54.52%.
President Joe Biden’s potential withdrawal from the 2024 presidential race could have far-reaching implications for both the political landscape and the crypto industry. With a speculated victory for Donald Trump in the November election, a pro-crypto administration may come into power, leading to significant changes in the leadership of the SEC and possibly fostering a more favorable regulatory environment for digital assets. Investors are advised to stay tuned for potential developments at the Bitcoin conference and navigate the market cautiously in anticipation of future price actions.
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