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Forbes
6 days ago
- Business
- Forbes
‘Imminent' Fed Nightmare Is Suddenly Coming True As The Bitcoin Price Soars
07/16 update below. This post was originally published on July 15 Bitcoin has rocketed over the last week, hitting an all-time high of $123,000 per bitcoin as traders brace for a "10x" shock. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can 'uncover blockchain blockbusters poised for 1,000% plus gains!' The bitcoin price is up around 60% from its April lows, helped by U.S. president Donald Trump's support of bitcoin and crypto even as the Federal Reserve keeps interest rates on hold. Now, as traders bet Fed interest rate cuts could boost the bitcoin price, Trump is threatening to create a Federal Reserve independence nightmare for markets. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run US Federal Reserve chair Jerome Powell has held interest rates steady—something some think may be ... More holding back the bitcoin price rally—and creating a nightmare that threatens the bank's independence. Federal Reserve chair Jerome Powell is under fresh pressure from the White House and U.S. president Donald Trump whose continued attacks on Powell over interest rates have raised the possibility of "regime change" at the Fed. 07/16 update: U.S. congresswoman Anna Paulina Luna, who does not sit on the committee overseeing the Federal Reserve, has posted to X that Fed chair Jerome Powell's firing is "imminent," spiking bets on Polymarket that U.S. president Donald Trump will "remove" Powell this year. "Jerome Powell is going to be fired. Firing is imminent," Luna posted without evidence, stoking fears of an independence crisis at the Fed as Trump's attacks on Powell drive calls for 'regime change.' Last week, Trump said he wasn't planning to remove Powell, despite reports that the Trump administration is investigating the Fed's $2.5 billion renovation project as a possible route to forcing Powell to step down. Meanwhile, JPMorgan chief executive Jamie Dimon has called Fed independence "critical" during an analyst call, with Treasury secretary Scott Bessent saying in a Bloomberg interview that Fed independence is "very important." The Trump administration is now investigating the Fed's $2.5 billion renovation project as a possible route to forcing Powell to step down or as a reason for Trump to fire him, with Axios reporting Powell has asked the central bank's inspector general to review the project that's led to questions he may have misled Congress in his testimony regarding the renovation. Trump has raised the possibility he could remove Powell before his term is up next year, though no one is quite sure if he has the authority to do so. National Economic Council director Kevin Hasset told ABC News the president's possible power to fire Jerome Powell is 'being looked into ... but certainly if there's cause, he does.' "Frankly, it's about breaking some heads," former Fed governor Kevin Warsh, one of the front-runners to be named as Powell's replacement, told Fox News, adding the Fed "has lost its way" and said it was time for 'regime change.' The odds on Trump "removing" Powell on the crypto-powered PolyMarket prediction platform have climbed in recent weeks from lows of under 10% in June to over 20% this week. Many of the most bullish bitcoin traders and investors have predicted the bitcoin price will climb at a faster rate if or when the Fed does begin to lower interest rates, something that encourages cash to flow more quickly through the economy. "Recent indications from president Trump that he will name a replacement for Fed chair Powell early (by October, before Powell's current term expires in May) are one such driver," Geoff Kendrick, head of digital assets research at Standard Chartered Bank, said in an emailed note. "This would likely cause markets to price in more Fed rate cuts sooner and also increase investor concerns about Fed independence–both of which are positive for term premium." The new Fed chair, appointed by Trump either this year or once Powell's term ends in 2026, is widely expected to be supportive of lower interest rates. The bitcoin price has repeatedly hit fresh all-time highs through 2025, silencing those who claimed its historical 13-year run to 2022 was the result of the global zero interest rate policy (ZIRP) that followed the 2008 financial crisis. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher, hitting a fresh all-time high in recent months. The Fed kept interest rates on hold again last month after kicking off a reduction cycle in September that's been put on pause due to fears Trump's global trade tariffs could see a return of inflation—with critics pointing to the pre-election reduction and post-election pause as evidence of political bias. For his part, Powell has said the expected increase in inflation as a result of Trump's so-called Liberation Day of global trade tariffs is a good reason to take a 'wait-and-see' approach to adjusting interest rates, with the market all but certain the Fed will hold rates steady again later this month. In June, Trump renewed his attack on Powell as U.S. debt topped $37 trillion. "I don't know why the board doesn't override (Powell)," Trump posted to his Truth Social account in a lengthy message in which he branded Powell a 'moron" and heavily criticized Fed policy that he claims is costing the U.S. $1 trillion per year in interest payments. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his term ends shortly."
Forbes
07-07-2025
- Business
- Forbes
Tesla CEO Elon Musk Confirms Wild Rumors As $37 Trillion ‘Emergency' Predicted To Blow Up Bitcoin Price
07/07 update below. This post was originally published on July 06 Tesla chief executive Elon Musk, the former 'first buddy' who was U.S. president Donald Trump's right-hand man until recently, has announced he's starting his own political party called the 'America Party" (while dropping hints he's still backing bitcoin). Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" Musk, whose stark warnings over the spiraling $37 trillion U.S. debt pile were a big part of his campaign to get Trump back into the White House last year, has fallen out with Trump over the raising of the U.S. debt ceiling in Trump's signature "one, big, beautiful bill." Now, as the bitcoin price is braced for 'trillions and trillions' to hit the market, bitcoin and crypto analysts are predicting a bitcoin price boom as a result of the U.S.'s 'massive fiscal expansion.' Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. president Donald Trump and Tesla billionaire Elon Musk worked together in the first few months ... More of Trump's second term but have fallen out over the growing U.S. debt pile—which some think could power a bitcoin price boom. 'Nothing stops this train,' Lyn Alden, a financial commentator and founder of Lyn Alden Investment Strategy, said during this year's bitcoin conference in Las Vegas, a reference to TV show Breaking Bad that she used to describe the U.S. deficit that added almost $2 trillion to the U.S. debt pile in 2024. Musk has pointed to Trump 'increasing the deficit from an already insane $2 trillion under Biden to $2.5 trillion,' as why he's decided to start the America Party, posting to X that, 'This will bankrupt the country.' 07/07 update: Elon Musk has confirmed the wild rumors and speculation that his new America Party could adopt bitcoin, replying to an X user that asked: "Will America Party embrace bitcoin?" 'Fiat is hopeless, so yes,' Musk wrote, sending the bitcoin price higher, and referring to government-backed currencies known as fiat, rather than asset-backed currencies, which the dollar was before it abandoned the gold standard. Elon Musk's hot-and-cold relationship with bitcoin has meant that even small references or mentions of bitcoin and crypto can cause prices to ricochet wildly. While Musk has abstained from directly commenting on bitcoin and crypto over the last couple of years, his car company Tesla continues to hold around 10,000 bitcoin on its balance sheet and his support of U.S. president Donald Trump has coincided with the White House throwing its weight behind bitcoin. Since Musk announced he'd be creating a new U.S. political party, bitcoin and crypto traders have speculated if he'd back bitcoin over the U.S. dollar. An X account called @AmericaPartyX, which is described as a "commentary account" and clarifies in its bio it has 'no affiliation,' has repeatedly interacted with bitcoin accounts and posted pro-bitcoin messages, stoking expectations Musk's political party would support bitcoin. Last week, X users were captivated by unconfirmed claims that Musk had "liked" a post suggesting he's "quietly stacking" bitcoin as he rails against the growing U.S. debt pile. "Has anyone noticed how Elon Musk talks a lot about things like overspending and debt and bad government decisions in general, but has completely stopped talking about bitcoin," an anonymous bitcoin account posted, with the account of bitcoin storage company chief executive Seedor known only as Chris, replying: 'Maybe be is stacking quietly.' Chris then shared a screen recording to X that appears to show Elon Musk's X account liking the post, tagging two viral bitcoin content accounts. However, doubts immediately surfaced that the account appearing to be Musk's didn't have a verification badge as well as claims that Chris has previously trolled people with photoshopped images. Musk has said he believes president Trump as well as Republican Party politicians who won last year's election on a spending-reduction platform have betrayed voters who want government spending to be reined in. Fears over the U.S. debt pile have taken hold among investors on Wall Street and in Silicon Valley, with David Friedberg, a host of the influential All In Podcast that's had both Musk and Trump on as guests, declaring: "We are in a fiscal emergency in this country and we're not addressing it." U.S. debt has skyrocketed in recent years following huge government spending through the Covid-era and lockdowns, with interest rates that were rapidly hiked to rein in inflation adding to the cost of servicing the ballooning $37 trillion U.S. debt pile. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher alongside the soaring U.S. debt pile, with Tesla chief ... More executive Elon Musk going to war with what he believes is out of control government spending. This week, Trump's "one, big, beautiful bill," designed to overhaul the U.S. tax-and-spend landscape and power the country's next phase of growth while adding an expected $3 trillion of debt and raising the debt ceiling by $5 trillion, was passed by the House of Representatives. 'The 'big beautiful bill's' massive fiscal expansion may weaken the dollar and stoke inflation, potentially boosting bitcoin's 'digital gold' appeal," James Toledano, chief operating officer at Unity Wallet, said in emailed comments, pointing to recent U.S. dollar weakness and echoing Musk who said the U.S. dollar 'will be worth nothing if the U.S. doesn't do something about its national debt.' The bill is 'one big red flag for fiscal sustainability and one big green flag for risk assets, especially crypto,' according to bitcoin and crypto investor Lark Davis, who wrote in an emailed note that, "this is exactly why we buy bitcoin." 'Bitcoin has historically delivered double-digit gains in the weeks after big spending bills," Davis wrote. "Bitcoin jumped 38% when Trump signed a major spending bill in late 2020. If bitcoin's price action were to repeat again, this time it would send the price to $150,000. And because nothing stops this train, it's hard money for the win during a debt crisis.'
Forbes
02-07-2025
- Business
- Forbes
Bitcoin Braced For A Surprise $22 Trillion Fed Price Earthquake
Bitcoin and crypto prices have traded sideways since May—even as U.S. president Donald Trump's crypto czar predicts a 'big' July—after it surged through the first few months of Trump's second presidency. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price is up almost double from July last year, with predictions of 'trillions and trillions' of dollars still on the sidelines helping to fuel sky-high bitcoin price bets. Now, as a "huge" BlackRock crypto market bombshell suddenly appears on the horizon, the U.S. M2 money supply has hit a record $22 trillion—named by analysts as a potential catalyst for a bitcoin price breakout. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. Federal Reserve chair Jerome Powell has said interest rates would have come down this year if ... More not for Donald Trump's global trade tariffs—something that some think could further boost the bitcoin price. "As M2 money supply begins to rise again, history suggests that a portion of this liquidity will flow into bitcoin and other digital assets," Matt Mena, crypto research strategist at 21Shares, said in emailed comments. Historically, the bitcoin price has tracked the M2 money supply, which is the Federal Reserve's estimate of liquid assets, including cash, money deposited in checking accounts, savings accounts, and other short-term saving vehicles such as money market funds. "If bitcoin continues to follow money supply growth, we could see $150,000 per coin before year end," Anthony 'Pomp' Pompliano, a crypto influencer who's set to lead a new bitcoin acquisition company, wrote in an emailed note. The increase in the M2 money supply comes as Fed chair Jerome Powell continues to argue the case for keeping interest rates on hold. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has shot higher over the last few years, climbing alongside the U.S. M2 money ... More supply. 'In effect we went on hold when we saw the size of the tariffs," Powell said this week during a conference panel discussion, it was reported by The Guardian newspaper, referring to Trump's Liberation Day of trade tariffs that sent shockwaves through the global economy. "Essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs. We didn't overreact, in fact we didn't react at all. We're simply taking some time.' Last month, the Fed kept interest rates on hold again after kicking of a reduction cycle in September, despite a growing number of Fed officials arguing for rate cuts. 'It's clear that the Fed expects inflation to continue above target,' David Morrison, senior market analyst at Trade Nation, said in emailed comments. 'That being the case, it sounds as if the Fed will only cut rates if the U.S. employment situation deteriorates significantly.'
Forbes
24-06-2025
- Business
- Forbes
‘Buckle Up'—Bitcoin And Crypto Brace For A Huge Fed Flip, Predicted To Spark A Price Boom
Bitcoin and crypto have rebounded after a major escalation in the Israel-Iran conflict sent prices spiraling amid fears of a 'doomsday' scenario. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price has climbed back over $100,000 per bitcoin, helped by U.S. president Donald Trump's shock prediction of 'massive' crypto investment. Now, as the market digests a Congress game-changer expected to 'unleash' trillions, bitcoin and crypto prices are braced for Federal Reserve chair Jerome Powell's semi-annual testimony before lawmakers—coming after Trump suddenly flipped on firing him. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. Federal Reserve chair Jerome Powell has committed to keep interest rates on hold, with some ... More predicting the bitcoin price and wider crypto market could soar once when it begins cutting. 'Aside from any geopolitical updates, today's key event will be Fed chair Jerome Powell's testimony in Washington,' David Morrison, senior market analyst at Trade Nation, said in emailed comments. Trump posted to his Truth Social account over night that the Federal Reserve board should 'activate," forcing Powell, who he's branded 'too late,' to cut rates by "at least two to three points," and "save the U.S. more than $800 billion per year.' 'I hope Congress really works this very dumb, hardheaded person, over,' Trump added. The Fed kept interest rates on hold again last week after kicking of a reduction cycle in September that's been put on pause due to fears Trump's global trade tariffs could see a return of inflation. 'All eyes are on the Federal Reserve chair Jerome's testimony before Congress and Friday's PCE inflation print to determine how close the Fed may be to its long-awaited policy pivot,' Ray Youssef , the chief executive of NoOnes, said via email. 'The most bullish scenario would be confirmation of a Fed dovish policy pivot or a major de-escalation in global trade and geopolitical tensions, either of which could spark renewed interest in risk assets and push bitcoin towards retesting its all-time high.' Expectations around an eventual Fed interest rate cut have been built up by crypto traders and influencers on social media. 'Buckle up,' one crypto trader posted to X alongside a hopeful prediction that 'trillions' will flow in to crypto once the Fed eventually cuts rates—now priced at a 22% chance in July, up from just 10% last week, according to the CME FedWatch tracker. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed over the last year, with some predicting the bitcoin price will climb ... More even higher once the Federal Reserve cuts interest rates. Two Fed officials, Federal Reserve vice chair for supervision Michelle Bowman and Federal Reserve Bank of Chicago president Austan Goolsbee, have this week joined Fed governor Christopher Waller admitting it may be time to lower interest rates. 'It is time to consider adjusting the policy rate,' Bowman told a gathering held in Prague, it was reported by Reuters, while Goolsbee reportedly said that Trump's trade tariffs have 'not been what people feared." Powell has pointed to the expected increase in inflation as a result of Trump's so-called Liberation Day of global trade tariffs as reason to take a 'wait-and-see' approach to adjusting interest rates. Last week, Waller has said he doesn't expect Trump's tariffs to drive inflation higher so policymakers should be looking to lower interest rates as early as July. 'If you're starting to worry about the downside risk [to the] labor market, move now, don't wait,' Waller told CNBC.
Forbes
29-05-2025
- Business
- Forbes
JD Vance Just Issued A Huge Bitcoin Prediction After $2 Trillion Price Rally
Bitcoin is hovering just under its all-time high of $112,000 per bitcoin after soaring over the last month (with Elon Musk quietly confirming what could be a bitcoin price game-changer is happening 'soon'). Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price has rocketed around 50% since plummeting to April lows of $75,000, pushed on by fears of a growing U.S. dollar 'crisis" and catapulting bitcoin to a $2 trillion market capitalization. Now, as another big company follows Michael Saylor's Strategy in buying bitcoin, U.S. vice president JD Vance has predicted the number of Americans who own bitcoin is about to double to 100 million. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run 'Fifty million Americans own bitcoin. I think it's gonna be 100 million before too long," Vance said, speaking at the Bitcoin 2025 conference in Las Vegas. Vance added that he still holds a "fair amount of bitcoin today" and that bitcoin will be a strategically important asset for the U.S. over the next decade as it faces off with China. "The People's Republic of China doesn't like bitcoin. Well, we should be asking ourselves, why is that," Vance said in comments reported by Reuters. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious 'Why is our biggest adversary such an opponent of bitcoin, and if the communist Republic of China is leaning away from bitcoin, then maybe the United States ought to be leaning into bitcoin.' Vance hailed U.S. president Donald Trump, who announced he would create a U.S. strategic reserve if elected president at last year's bitcoin conference in Nashville, as crypto's long-awaited 'champion.' "Crypto is a hedge against bad policy making from Washington, no matter what party is in control," Vance said in comments reported by Axios. "I'm here today to say loud and clear with president Trump, crypto finally has a champion and an ally in the White House."
