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Donald Trump Bitcoin news

Bitcoin Bulls Watch Closely If Trump Could Test Power To Fire Fed Chair Powell

Jake Simmons
by Jake Simmons
4 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An emerging legal dispute questions the stability of the Federal Reserve’s long-held independence, prompting speculation among Bitcoin proponents who believe any disruption at the central bank could prove favorable. On April 9, Supreme Court Chief Justice John Roberts reversed a lower-court ruling and, for now, granted US President Donald Trump the authority to dismiss two officials who head independent agencies.

While that case alone carries significant implications, Bloomberg reported that these officials’ legal status closely parallels that of Federal Reserve governors, with the final outcome possibly deciding whether a president could remove the Fed chair.

Bloomberg Economics declared the Fed’s independence to be “under imminent threat,” describing how the newly reopened legal struggle escalated when Chief Justice Roberts allowed Trump to continue pursuing the dismissal of the two independent agency leaders. Lawyers for these officials must respond by April 15, a date that hints at a likely future argument before the Supreme Court regarding the broader question of presidential powers over independent bodies.

Related Reading: From Bitcoin China Ban To Global Trade Tensions – Why BTC Is Stronger This Time

The Kobeissi Letter, addressing talk of Trump directly seeking to fire Federal Reserve Chair Jerome Powell, clarified that the president had merely asked the Court to allow him to remove senior leaders at two other independent entities and “did NOT explicitly ask to fire Powell.”

Bitcoin Bulls Rejoice

The possibility of curtailing the Fed’s autonomy has captivated observers who consider any risk to the central bank’s traditional role a potential catalyst for Bitcoin’s value. Pete Rizzo, host of the Supply Shock podcast, went so far as to call the development “the most bullish thing for Bitcoin imaginable.”

Thomas Fahrer, co-founder of Apollo, speculated via X: “Jerome Powell’s independence is very much at risk. The Fed may be printing money and buying Bitcoin to get some BTC sooner than you think.”

Jack Mallers, founder of Strike, offered an extended perspective in a months-old interview, voicing his belief that “over the next 12 to 36 months or so, we’re going to see drastic changes in monetary policy.” He recalled how President Trump “even hinted at having some oversight and control over the Federal Reserve,” questioning if such a move would indicate “the way Trump sees himself taming inflation, controlling financial markets while allowing the S&P and assets to rise in the greater interest of the people.”

Related Reading: Bitcoin Dips In Wake Of Tariff Wars — But Don’t Panic Yet, Says Analyst

Mallers also questioned: “Maybe he wants [Secretary of the Treasury] Bessent to be the Fed chairman and lead the Treasury. Is that beyond us? Is Trump going to exercise his right to have further oversight over the Fed?”

The Strike founder Mallers further asked whether the administration might use yield curve control to control the entire financial market as a strategy to keep asset prices on an upward trajectory while mitigating inflation—possibly at the expense of those holding dollars.

“Would that imply and mean that Trump is going to use some form of yield curve control to exercise absolute control at both ends of the market and make sure that assets pump and inflation is relatively tamed at the expense of those that hold the dollar? Is that what he means by a weaker dollar and strengthening our exports?,” Mallers noted.

At press time, BTC traded at $81,002.

Bitcoin price
BTC reclaims $81,000, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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