Key Points
- Marathon Digital CEO Fred Thiel supports former U.S. president Donald Trump, viewing him as pro-Bitcoin.
- Thiel suggests a large voting block of BTC supporters could influence the stance of Biden’s administration on Bitcoin.
Marathon Digital CEO Fred Thiel recently expressed his support for former U.S. president Donald Trump, viewing him as a proponent of Bitcoin.
During an interview with Yahoo Finance, Thiel stated that Trump believes all Bitcoin should be mined in the U.S. and has shown openness to Bitcoin miners and those involved in the crypto space.
Political Stance on Bitcoin
On the other hand, Thiel observed that the Biden administration has demonstrated hostility towards Bitcoin through various agencies such as the SEC. However, he noted a softening in this stance as the administration recognizes the significant number of voters who are interested in crypto.
Thiel encouraged both political parties to consider issues related to Bitcoin and crypto. He joins other crypto figures such as Ark Invest’s CEO, Cathie Wood, in endorsing Trump for his pro-business approach.
Bitcoin Price Factors
When asked about the current price of Bitcoin, Thiel cited several factors impacting the digital asset. These include macro expectations, selling from German authorities, BTC miners, and repayments from Mt. Gox.
He highlighted $57K as a key support level and $68K and $69K as significant hurdles for Bitcoin. Despite concerns about repayments from Mt. Gox, analysts from QCP Capital suggested that the impact could be less significant based on option market data.
Additionally, most market liquidity was leaning towards the upside on the weekly charts, indicating a possible move towards the cluster.
