President Trump is itching to remove Jerome Powell as head of the central bank. Here's how analysts think the move would impact Bitcoin and the broader economy.
James Rubin
📝 What you need to know
U.S. President Donald Trump amplified his dissatisfaction with Jerome Powell on Thursday, hinting that he was ready to fire the central bank chair in a social media post that unsettled investors anew.
But analysts tell Decrypt that Bitcoin could benefit in the turmoil that such an unprecedented move would create.
“It would set a really bad precedent of the executive branch being able to meddle in the agency that controls the money supply of the country,” Juan Leon, a senior investment strategist at Bitwise said. “But I think it would be very positive for Bitcoin.”
Leon said that Powell’s firing, which falls outside the legal authority of the president and might prompt a Supreme Court challenge, would likely degrade trust in the foundation of America’s economy, sending equity and bond markets spiraling. But this same erosion of faith in the stability of the U.S. financial system—a given for nearly a century—could eventually appreciate Bitcoin's price.
“Alternative stores of value that are independent of government manipulation would become even more desirable,” he said.
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“If markets begin to price in political turnover at the Fed every four years, Bitcoin’s fixed, apolitical monetary policy may look more attractive in comparison.”
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