Improper remarks triggered a huge shock in the BTC market. How many more days can Powell stay in charge?
Given that Pennsylvania has already passed the Bitcoin Rights Act and many other states are sure to follow, making improper remarks and disrupting the financial market, how many more days can such a Federal Reserve Chairman stay in charge? Review of Pennsylvania Bitcoin Rights Act Passing
With the new president Trump about to take office and gradually fulfilling his campaign promises, Powell publicly sings a different tune. Is it stubbornness before stepping down or a self-serving move? For example, shorting BTC!
"My commitment to everyone is: I will be the most supportive president of innovation and Bitcoin in the United States." On July 28, former President Trump stated at the Bitcoin 2024 conference that if he could return to the White House, he would make Bitcoin a strategic reserve asset for the United States.
In his speech, Trump promised that if elected president, he would take a series of measures to support Bitcoin and the cryptocurrency industry, including establishing a Bitcoin Presidential Committee, retaining Bitcoin jobs, and encouraging power plants to strengthen electricity supply for Bitcoin mining.
At the Bitcoin 2024 conference, Trump publicly stated that if he could return to the White House, he would ensure that the government retains 100% of the Bitcoin it owns and would classify Bitcoin as a strategic reserve asset for the United States. Data shows that currently, the U.S. government owns over 210,000 Bitcoins, worth about $14 billion.
Trump believes that the market value of Bitcoin will surpass gold in the future. 'I will formulate my plan to ensure that the United States becomes the cryptocurrency capital of the world and a Bitcoin superpower.'
The interest rate cut early this morning is the last rate decision of 2024 (also the last Federal Reserve meeting during President Biden's term)!
"(The Federal Reserve Act) stipulates what we can own, which is something Congress should consider, but we do not want the Federal Reserve to change the law."
This statement is the core of Powell's hawkish remarks last night; he simply explained the existing laws in the U.S., and the market over-interpreted it!
This does not conflict with Trump and the policies that are already in the pipeline in various states. Therefore, the significant decline in the short term, especially in altcoins, can only be said as no pain, no gain. Today's drop makes Saoge even more certain that the force of the second surge will not be small!
"I believe that regarding 2025, the slowdown in interest rate cuts next year actually reflects the inflation data we've seen rise this year, as well as expectations that inflation will rise in 2025." "You can see from the Summary of Economic Projections (SEP) that we believe the risks and uncertainties surrounding inflation are rising. Nevertheless, we still expect to continue lowering interest rates."
The answer about whether to cut interest rates next year is still the old story, a very official response from both sides!
As for how many more days Powell can stay, that is not our concern. We won't speculate; Trump only has the power of nomination, not the power of appointment! So it’s normal for Powell to speak assertively!
The space created by this wave of decline has freed up a lot of room for Christmas, New Year's, and Spring Festival. The market bulls have also been cleaned out relatively well. In short: in the future market, Saoge is still very optimistic about the demand for a second surge!
The above is an exclusive analysis that leads to wealth. If you like it, giving Saoge a thumbs up, commenting, and sharing is the biggest support for Saoge!
