Jerome Powell has been good for bitcoin, and Trump says he won’t fire him
Jerome Powell will remain chairman of the world’s most powerful central bank — and that’s good news for crypto.
On the news yesterday, bitcoin (BTC) rallied $2,400 in just 15 minutes to hit $93,900.
As of publication time, total crypto market capitalization is over $60 billion higher than when President Donald Trump declared he had “no intention of firing him.”
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According to Trump’s senior advisors, the president would have had extreme difficulty firing Powell without sufficient cause anyway. As such, efforts to oust him have ended, with Powell remaining the lead US central banker, and Trump now insisting that he never had any intention of firing him in the first place.
“Never did,” Trump said yesterday afternoon. “The press runs away with things. No, I have no intention of firing him.”
Bitcoin pumps on Powell’s non-firing
Reactions from crypto commentators were generally positive. Many acknowledged Powell’s positive effect on BTC.
Indeed, Powell has presided over the world’s largest central bank across a historic bull run in crypto asset prices. Since Powell became chairman on February 5, 2018, crypto’s total market cap has rallied 10X from $290 billion to $2.9 trillion today.
Backdating his career to Powell’s November 2, 2017, nomination by Trump would boost that figure to 15X.
Despite Powell serving as the public face of the centralized banking system that Satoshi Nakamoto designed Bitcoin to challenge, his actions haven’t appeared to impede BTC’s price performance.
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