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What to Know
President Donald Trump has nominated Kevin Warsh to serve as the next chair of the Federal Reserve, confirming his choice on Friday to succeed Jerome Powell when Powell’s term concludes in May.
Warsh previously served on the Federal Reserve’s Board of Governors from 2006 to 2011, becoming the youngest person ever to hold that position. He was widely seen as the frontrunner for the role, a development that may have contributed to Bitcoin (BTC) dipping to nearly $81,000 late Thursday as betting markets priced in the likelihood of his nomination.
Warsh has experience in the cryptocurrency space, having invested in the algorithmic stablecoin project Basis and advised Electric Capital, a venture capital firm focused on crypto, blockchain, and fintech.
Despite his crypto ties, some analysts view his appointment as potentially bearish for risk assets like Bitcoin due to his emphasis on monetary discipline, which could support higher real interest rates. Bitcoin initially rose about 0.7% following Trump’s announcement but quickly returned to around $82,600, according to CoinDesk data.
Update (Jan. 30, 12:25 UTC): Additional context and details added.
Jamie Crawley, part of CoinDesk’s news team since February 2021, covering Bitcoin technology, protocols, and crypto venture capital. He holds #PreciousMetalsPullBack $BTC BTC, T$ETH H, and DOGE.