Bitcoin Advances After Trump Taps Bitcoin-Friendly Economist For Fed Role
Main Idea
Bitcoin's price surged 2% to over $117,500 amid expectations of looser Federal Reserve policies under economist Stephen Miran, though concerns about inflation risks similar to the 1970s were raised.
Key Points
1. Bitcoin's price increased by 2%, surpassing $117,500, following President Donald Trump's nomination of Bitcoin supporter Stephen Miran to the Federal Reserve Board.
2. Stephen Miran, known for his dovish stance, is expected to influence looser monetary policies, aligning with Trump's preferences.
3. An analyst warned that the Fed's shift could lead to structural risks, drawing parallels to the 1970s inflation era when gold prices surged dramatically.
4. The latest PCE inflation reading was 2.6%, above the Fed's 2% target, indicating persistent inflation concerns.
5. Weak demand in U.S. Treasury auctions and rising gold prices suggest market skepticism about the sustainability of current fiscal policies.
Description
Trump’s nomination of a pro-Bitcoin economist is seen as a tilt toward looser policy, though some warn it could erode the bank’s independence.
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