In addition to being affected by changes in the Federal Reserve's monetary policy, Bitcoin also needs to pay attention to the unexpected changes that may arise from Trump's policies.

Regarding whether the incoming Trump administration will establish a Bitcoin reserve, Powell clearly stated that the Federal Reserve has no intention of holding Bitcoin, as current laws do not allow it. As for whether to change the relevant laws, he emphasized that this is a matter for Congress to decide, and the Federal Reserve will not actively promote legislative changes.

Although Powell made hawkish remarks, there is no need for excessive concern; the overall upward trend of Bitcoin remains solid. Currently, the biggest driving force is still the monetary easing policy, and the potential market impact brought by the U.S. election has yet to fully materialize. The market generally expects that Trump may fulfill his promises made at the Bitcoin conference. I believe that the real big market may erupt between January 20 and February 20, 2025, which is after Trump takes office.