#加密市场观察 Kevin Warsh and Cryptocurrency

On the evening of January 30th Beijing time, U.S. President Trump nominated Kevin Warsh to serve as Federal Reserve Chair.
The 55-year-old Warsh was previously an investment banker and served as a Federal Reserve Board member from 2006 to 2011, becoming the youngest member in the institution's history.
The Fed's decisions are crucial to the cryptocurrency market because cryptocurrencies often exhibit the so-called "risk appetite" investment characteristics. When interest rates are high, safer yields such as U.S. Treasuries become more attractive, diverting funds that might otherwise flow into high-volatility assets like cryptocurrencies. Conversely, lower interest rates increase liquidity in the financial system and often drive investors toward higher-risk areas. Historically, the dollar's strength accompanying Fed tightening policies has also put pressure on Bitcoin prices.
Shady El Damaty, CEO and co-founder of Holonym, believes Warsh is viewed as more "hawkish" than Powell, especially considering his past criticisms of quantitative easing and Fed balance sheet expansion. "This raises concerns: if inflation re-emerges, how aggressive might he be with interest rate policies? For cryptocurrencies, the real issue now is uncertainty—no one knows whether he will follow through on these views, especially in an election year when maintaining liquidity will be under immense pressure," Damaty added.
Damaty said, "If market tension persists, risk appetite funds flowing into cryptocurrencies may slow down in the short term. In the long run, a more hawkish Fed leadership could actually strengthen the narrative around cryptocurrencies, especially Bitcoin, as a tool to hedge against monetary tightening and centralized monetary control."
According to foreign media reports, Kevin Warsh's views on cryptocurrencies are somewhat complex. In a commentary article in 2022, Warsh described many private cryptocurrency projects as "fraudulent" and "worthless," writing, "Cryptocurrency is an improper name because it is software, not currency."
Warsh once said, "I doubt many private cryptocurrencies are strong and reliable enough to serve as a substitute for the dollar. I also doubt whether implementing bank-like regulation on private stablecoins can ensure their stability during stress periods without government rescue."
Recently, Warsh's attitude toward Bitcoin has appeared more moderate. In an interview at the Hoover Institution last May, he stated that Bitcoin "doesn't make me nervous," and described it as an important asset that can serve as a check on policymakers.