BREAKING: Trump picks Kevin Warsh for next Fed Chair. First off, he’s friendly to Bitcoin. But the below matters more. You’ll see a lot of headlines calling him a “hawk” but that’s not really correct framing. Warsh isn’t anti-rate cuts, but he is anti-QE and anti-using the Fed balance sheet as a permanent asset price support tool. I see how that doesn’t seem to help when half the bull narrative is always “print!!!!” But his view is that monetary policy should support productive capital formation and real economic growth (👀) instead of endless financial engineering. This is very good for anyone tracking the business cycle / crypto thesis (👀). Warsh aligns directly with the Trump/Bessent and their supply-side agenda (think productivity). He just doesn’t want the Fed running perpetual money printers that inflate everything artificially. Crypto probably not going to like this short term. “No money printer = bad”. Longer-term, if this administration delivers growth through deregulation and normalized rates instead of balance sheet expansion… that’s a way healthier foundation for Bitcoin’s next leg. The money printing crowd won’t like this pick. But that’s probably kind of the point.(Dan Gambardello)