Trump announced this morning that Kevin Warsh was nominated to succeed Powell as the next chairman of the Federal Reserve. He took office in May after confirmation by the Senate. One sentence summary: Trump is more hawkish than Powell, but more willing to cooperate with Trump's demand for low interest rates. The hawkish background is still there (dislike QE, fear of asset foam, zero tolerance of inflation), But since 2025, publicly calling for faster and greater interest rate cuts and helping the government reduce its debt burden is highly aligned with President Trump's low interest rate/weak US dollar targets. For encryption (especially BTC): mild positive, but don't expect explosive loosening. During the Powell era, he repeatedly publicly stated that Bitcoin is "not important to the economy" and had a negative attitude. Warsh 2025 interview bluntly states that BTC can be the "police of policy discipline" - market mechanisms constrain government spending and the Federal Reserve's excessive issuance of currency. This statement is interpreted in the cryptocurrency community as recognizing BTC's status as a "digital gold" and a store of value. Instant market reaction: Nominated BTC fell 4% to around 81k (two month low) due to the strengthening of the US dollar and hawkish labels. But if he continues to lower interest rates faster after confirmation, BTC's narrative as an anti inflation/decentralized asset will be strengthened. Overall: More friendly than Powell (reducing hostility and allowing the market to play on its own), but will not directly push for regulatory easing like some radical pro crypto candidates. Short term fluctuations, with a positive trend in the medium to long term, BTC is still a high beta risk asset, breathing in with Nasdaq. For gold: a double-edged sword, short-term bearish, medium-term rebound possible. • Stronger inclination towards interest rate cuts → easier decrease in real interest rates → favorable news for interest free gold. But with a hawkish background and emphasis on fiscal discipline (opposing excessive spending and QE) → if inflation rises, he may brake earlier/harder than Powell → unfavorable for gold. Market reaction today: Gold prices plummeted 5% to around 5080 (from yesterday's high of 5625+flash crash), silver fell even more sharply by 15%, and the US dollar rebounded strongly. A typical combination of hawks and independence concerns relief. In the long run, if he really rebuilds inflation discipline, the gold anti inflation premium will weaken; However, if the cooperation with Trump's tax reduction+tariff leads to loose liquidity, the low interest rate environment will again top the gold price (similar to 2019-2020). One sentence standing in line: Warsh is a compromise between "deterministic regression+low interest rate probability increase". Coin Circle: Don't all in the frenzy, but feel more comfortable than the Powell era, BTC narrative has an extra layer of discipline anchor. Golden Circle: Short term cash out and profit taking are reasonable, but don't throw them all away - in the medium term, it depends on the interest rate cut cycle, and gold still has its tricks. Wake up, history tells us that the replacement of the Federal Reserve chairman is never a linear positive, it depends on how he actually plays cards. Do you stand on Warsh friendly BTC or are you afraid of his hawkish iron fist hitting the market? See the comment section. Bitcoin Gold Fed Trump