He causes 20% $BTC dump or pump within 20 seconds.
Also, he will decide if USA buys Bitcoin for Federal Reserve.
There is a chance, that he will END the crypto forever, that's why
The Man who can crash the market - Jerome Powell.
His last speech made the market drop -15% in a day.
Today I want to break down his story.
And discuss whether or not he will be replaced.
He was assigned to this role by Donald Trump in 2018.
He was seen as a great choice with experience in both finance and government.
As Trump was not so pro-crypto last term, Powell was doing a great job.
So what relations does he have with crypto?
Since his first day as a head of the Fed Reserve maintained a cautious and critical stance towards crypto.
Even tho he acknowledges the blockchain technology, he often highlights the volatility and risks of the crypto market.
He even testified before Congress, reiterating the need for regulatory oversight in crypto markets.
After FTX's collapse, Powell became even more vocal about crypto risks.
He has never shown any hate towards crypto, but still, when he starts talking the market drops.
Why?
Let's take the previous FOMC meeting as an example.
The previous meeting was on Nov 7.
Where they lowered interest rates by 25 bps.
Even tho, the speech brought a bit of volatility to the market.
No bad news was told, that is why the market reacted positively.
But the last meeting brought a solid, bad one.
He stated that the Fed isn't allowed to hold $BTC.
And no changes in expanding the Reserved are planned shortly.
Only that statement instantly dropped the market by 7%.
But how he will impact the crypto market further?
If you look at the interest rate cuts in 2025 you will see that there are twice as less.
That already shows that this year can be a bit volatile.
But Powell stands that next year will be better than 2024.
Most interesting question - Will Jerome Powell be fired?
Unlikely.
While a president can remove a Fed Chair "for cause," it's rare to preserve independence.
Despite past criticism, Trump recently said he won’t remove Powell before his term ends in 2026.
