Below is the most authoritative summary regarding the Fed's leadership change, which concerns the wallets of every US stock, gold, and crypto investor. Please read carefully.

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At 2 a.m., Powell will hold his last Federal Reserve policy meeting as chair in eight years. The Fed has maintained the federal funds rate at 3.5% to 3.75% for the third consecutive time. Powell's term ends on May 15, and Kevin Wirth's nomination has already passed the Senate committee vote. This means Kevin Wirth will succeed Powell as Fed Chair. In the short term, the market has already fully priced in the Fed holding steady, so this event itself is unlikely to have a big impact on US stocks, gold, or crypto. The morning's price movements will need to consider other factors.

From a medium- to long-term perspective, Powell's departure has a very interesting angle: it could mark the end of the long-standing easing policy framework that has lasted over a decade since the 2008 financial crisis. If Kevin Wirth indeed implements rate cuts, balance sheet reduction, normalization of reverse QE, and even rebuilds monetary policy—possibly abolishing the dot plot, weakening forward guidance, and returning to a Greenspan-style decision-making process—the entire market's pricing logic will change. Everyone must be psychologically prepared for this shift.

Assets like gold and crypto, which are interest-free, will face tougher times. To be blunt, the adjustment could be deeper. I have warned about this before—another sharp decline is possible, and short-term buying is not recommended. Any rebounds in the short term are likely traps. Later, US stocks and crypto will diverge: US stocks will focus on earnings and cash flow, while bubble stocks driven solely by liquidity will come under pressure. Crypto will focus on leading assets; altcoins will have no turnaround in sight. The previous broad rally driven by liquidity flooding will become increasingly rare.

Of course, the specifics depend on Kevin Wirth's policies after taking office. But it’s wise to prepare psychologically in advance. Finally, I want to thank Powell, who has accompanied me throughout my entire crypto journey.

Now, I will do a forward-looking scenario analysis divided into several stages:

After Wirth takes office, US stocks and crypto are likely to go through the following phases:

**Stage 1 (Panic):** The market experiences a sharp decline due to losing the "Fed umbrella," with volatility soaring.

**Stage 2 (Divergence):** Speculative stocks and highly leveraged industries relying on cheap funds will collapse; companies with strong cash flow and core competitiveness will survive and strengthen.

**Stage 3 (Return to normal):** Similar to the post-1982 Volcker era, when inflation and credit bubbles are cleaned up, the stock market will enter a long-term "true bull market" based on profit growth rather than valuation expansion. Wirth's appointment is not the creator of the storm but the "scavenger" clearing it. He may proactively trigger a localized, controlled financial adjustment to prevent an uncontrollable major crash in the future.

For investors used to being "spoiled," this will indeed look like a storm. $BTC ‌$ETH ‌