- President Trump declared he has “no intention of firing” Jerome Powell as Federal Reserve chairman, causing Bitcoin to surge.
- Crypto market capitalization increased by over $60 billion following Trump’s announcement about Powell’s continued leadership.
- Since Powell became Fed chairman in February 2018, crypto’s total market value has increased tenfold from $290 billion to $2.9 trillion.
Cryptocurrency markets rallied sharply after President Donald Trump announced he would not fire Jerome Powell as Federal Reserve chairman. Bitcoin (BTC) jumped $2,400 in just 15 minutes following the news, reaching $93,900. The total cryptocurrency market capitalization increased by more than $60 billion after Trump stated he had “no intention of firing him.”
Trump’s senior advisors had reportedly indicated that removing Powell would have been extremely difficult without sufficient cause. The president has now ended any efforts to oust the Fed chairman, claiming he never intended to fire Powell. “Never did,” Trump said yesterday. “The press runs away with things. No, I have no intention of firing him.”
Market Response to Powell’s Continuation
Crypto commentators generally reacted positively to the news. Many acknowledged Powell’s beneficial impact on Bitcoin prices, with some pointing to his leadership during a historic bull run in cryptocurrency valuations.
Under Powell’s chairmanship, which began on February 5, 2018, the total cryptocurrency market cap has increased tenfold from $290 billion to $2.9 trillion today. If calculated from Powell’s November 2, 2017 nomination by Trump, that growth figure increases to 15 times the original value.
Powell’s Paradoxical Role in Crypto Growth
Despite Powell serving as the face of the centralized banking system that Bitcoin was designed to challenge, his leadership hasn’t appeared to hinder BTC’s price performance. This presents an interesting paradox for the cryptocurrency ecosystem, which was originally conceived as an alternative to traditional financial structures.
The market’s positive reaction suggests investors prefer stability in central banking leadership, even as they invest in assets designed to operate independently of such institutions. This development highlights the complex relationship between traditional financial systems and the growing cryptocurrency market.
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