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President Donald Trump has put forward Kevin Warsh as a candidate for the position of Federal Reserve Chair.
The president announced his selection on Friday to succeed the current chair Jerome Powell when his term concludes in May.
President Donald Trump has selected Kevin Warsh as the new chair of the Federal Reserve. (Nikhilesh De/CoinDesk)
Key Points:
- President Donald Trump has selected Kevin Warsh as the new chair of the Federal Reserve.
- The president announced his choice on Friday to succeed the current chair Jerome Powell when his term concludes in May.
- Some view Warsh’s appointment as negative for risk assets like BTC due to his focus on monetary discipline, which might result in increased real interest rates.
President Donald Trump has selected Kevin Warsh as the new chair of the Federal Reserve.
The President confirmed his selection in a post on Truth Social on Friday, designating Warsh to replace the current chair Jerome Powell when his term concludes in May.
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Warsh was a member of the U.S. central bank’s Board of Governors from 2006 to 2011, making him the youngest individual to hold that position.
He was seen as the leading candidate for Trump’s selection, a factor that may have influenced bitcoin’s decline to nearly $81,000 late Thursday, as the likelihood of Warsh’s nomination increased on betting platforms.
Warsh was an investor in a cryptocurrency endeavor named Basis, which branded itself as an algorithmic central bank. He has also acted as an adviser for Electric Capital, a venture capital firm centered on crypto, blockchain, and fintech.
Nevertheless, some consider his appointment to be bearish for risk assets like BTC due to his emphasis on monetary discipline, which could lead to elevated real interest rates.
Following Trump’s announcement, Bitcoin experienced a brief 0.7% increase before reverting to the $82,600 level it had occupied previously, as per CoinDesk data.
UPDATE (Jan. 30, 12:25 UTC): Provides additional details and context throughout.
