Traders who have been considering selling their bitcoin holdings may want to wait until after former President Donald Trump’s speech at the Bitcoin Conference this Saturday. There is speculation that Trump may announce plans to make bitcoin a strategic reserve asset if he is elected in November. This could potentially lead to a significant increase in the value of bitcoin, according to 10x Research founder Markus Thielen.
Despite bitcoin’s recent surge in value to $67,000 from its July lows, Thielen believes that selling or shorting bitcoin before Trump’s speech could be a costly mistake. He pointed out that bitcoin is currently trading close to its previous all-time high of $69,000, and if it manages to stay above this level, a “parabolic move” could be on the horizon.
Thielen also mentioned that with Joe Biden out of the presidential race, a Trump victory in November seems likely. This could result in U.S. Securities and Exchange Commission Chair Gary Gensler stepping down earlier than expected, as he has been critical of the crypto industry. Although Gensler’s term officially ends in June 2026, Thielen predicts that he will resign around the time of a Trump inauguration in early 2025.
Former President Trump is scheduled to speak at the Bitcoin Conference in Nashville this Saturday at 3pm Eastern Time. Many traders are eagerly anticipating his speech and the potential impact it could have on the cryptocurrency market.
In conclusion, it might be wise for traders to hold off on selling their bitcoin before Trump’s speech, as it could lead to significant consequences. Keeping a close eye on the market and being prepared for any potential changes in the value of bitcoin following the conference could be crucial for maximizing profits in the long run.