So, Bitcoin just stormed back above $93,000 like it’s the hottest club in town. And why? Because President Trump, in all his infinite wisdom, decided he’s not kicking Jerome Powell out of the Fed chair gig after all. I mean, who even saw that coming? It’s like the greatest plot twist since “Seinfeld” ended.
Bitcoin, the crypto that once seemed like a wild party any economist would avoid, is suddenly acting like it actually cares about politics and macroeconomic drama. You can almost hear it whispering, “Yeah, I’m paying attention now.”
Trump’s “Forget About It” Plan for Powell
Not too long ago, the rumors flew that Powell’s firing was just around the corner. Treasury Secretary Scott Bessent was out there casually dropping hints that Trump was googling replacements like he was ordering takeout.
Trump and Powell? They’re like two guys at a diner arguing over the bill. Trump’s screaming “Cut the rates!” while Powell’s just sipping coffee, saying “Maybe later.”
Trump on Truth Social: “The Fed would be much better off cutting rates as US Tariffs start to transition (ease!) their way into the economy. Do the right thing.” Ah yes, the classic “Do the right thing” from the guy who has his own definition of “right.”
Powell, meanwhile, is all “Nope, let’s be careful”—the adult in the room, trying to keep things from turning into complete chaos. But of course, that just makes the gossip mill spin faster.
So naturally, everyone thought Great Fed Chair Showdown 2025 was happening until Trump pulled the ultimate “Just kidding” move:
“I have no intention of firing him…I would like to see him be a little more active in terms of his idea to lower interest rates.” Translation: “Keep your job, just hurry up and fix everything.”
Right after that, Bitcoin went all “Hold my beer” and shot up past $93,000—up almost 6% in a day. Not bad for something that’s supposed to be “just digital money,” huh?
Oh, and just so you know, Powell still has about 13 months left on the job. Plenty of time for more drama. 🍿
Bitcoin’s Winning Streak Thanks to Political Circus
Arthur Hayes, the guy who founded BitMEX and apparently moonlights as the market’s unofficial stand-up comic, summed it up perfectly:
“Trump says he wants to fire JAYPOW – dollar dips, BTC rips Trump says he has no intention of firing JAYPOW – dollar rips, BTC rips some more.” Yep, it’s like Bitcoin’s got a mood ring showing how confused the dollar is.
The US Dollar Index (DXY) recently hit a 3-year low thanks to all this Fed-chair drama. Meanwhile, Bitcoin’s partying like the dollar just left its prom date at the punch bowl.
As Trump tosses wild opinions around like confetti, the dollar’s getting jittery, but Bitcoin? It’s loving the spotlight as the “smart” hedge when TradFi decides to throw a tantrum.
Geoff Kendrick from Standard Chartered poked his head in, saying Bitcoin is the new funky umbrella when Treasury risks rain down:
“Bitcoin is a hedge against both TradFi and US Treasury risks. The threat to remove US Federal Reserve Chair Jerome Powell falls into Treasury risk—so the hedge is on.” Hedge on? More like hedge swag activated.
And Nate Geraci from the ETF Store? He thinks Bitcoin’s the cool kid on the block thanks to everyone losing faith in politicians—because honestly, who hasn’t?
“Bitcoin is one of the biggest winners from events over the past several weeks IMO, at least from a philosophical standpoint. Further erosion of trust in governments and politicians will push people towards alternatives. Not saying that is good or bad, but think logically.” Basically, Bitcoin’s that friend who shows up when the party crashes.
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2025-04-23 09:07