Earlier this month, former President Donald Trump, like a stern instructor, warned Federal Reserve Chairman Jerome Powell not to politicize interest rates ahead of the US election. His words were like a sharp knife, pointing directly at the heart of the central bank, asking it to stick to the goal of remaining impartial given by Congress.
However, in this drama, the timing of the US election is like an uninvited guest, which puts additional pressure on the central bank. It is like a strict proctor, requiring the central bank to remain impartial in this exam without any external interference.
Meanwhile, some industry experts are like keen falcons, and they have caught a glimpse of something unusual. They say that the change of power in Washington, DC will blow the bitcoin market like a spring breeze.
Rich Rosenblum, co-founder of trading firm GSR, wrote on Twitter on Saturday like a prophet: "Bitcoin will be highly correlated with the probability of Trump's election in the next four months." His words broke through the night sky like lightning, causing an uproar in the market.
And Trump made his bold words like a king to an audience of 20,000 at the Bitcoin 2024 conference in Nashville. He said he would establish a "strategic bitcoin reserve" and vowed to keep 100% of all bitcoin currently held or acquired by the U.S. government at home. His words burned the hearts of everyone present like a raging fire.
Rosenblum said on Twitter that although Trump's speech had little impact on the price of Bitcoin, the former president's crypto policy commitment weighed on Vice President Kamala Harris like a boulder. His words made it "impossible" to refute any wording in Harris's policy to reform the U.S. Securities and Exchange Commission and government-held Bitcoin.
Bitcoin and the Fed's interest rate cuts are undoubtedly the most eye-catching chapters. Let's wait and see!
