Trump’s Chess Move: Bitcoin’s Favorite Economist Nominated to Fed 🎩💼

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In a world where the dance of politics and finance often resembles a grand ballet, a new player has been introduced to the stage. President Donald Trump, with a flourish that would make any Russian novelist proud, has nominated Dr. Stephen Miran, the current chair of the White House Council of Economic Advisers, to join the esteemed ranks of the Federal Reserve Board of Governors. This nomination, valid until the fateful day of January 31, 2026, comes on the heels of Governor Adriana Kugler’s early departure, offering the White House a timely opportunity to assert its influence on the central bank. The appointment, while short-lived, carries the weight of a thousand unspoken promises and the murmur of a future reshuffle that looms like a storm on the horizon, particularly as the question of who will succeed Chair Jerome Powell remains unanswered.

Dr. Miran, a man whose life has been a delicate balance between the realms of market speculation and policy-making, brings to the table a résumé that reads like a novel of ambition and intellect. His journey from the halls of the Treasury Department during the tumultuous days of the pandemic to the world of macro investing, and finally to the pen that penned bold proposals for the reform of the Federal Reserve, is nothing short of a saga. In his writings, he has not shied away from critiquing the Fed’s recent policies, labeling them as a theater of “groupthink” and “excessive monetary accommodation.” A 2024 report from the Manhattan Institute, penned by Miran and his colleagues, calls for a sweeping overhaul of the Fed’s governance structure, advocating for shorter Board terms, clearer presidential removal powers, enhanced Reserve Bank influence, and the subjugation of the Fed’s budget to the whims of Congress-all in the name of achieving “better monetary outcomes” and rekindling the flame of democratic accountability.

The financial markets, ever the keen observers of such political dramas, were quick to speculate on the implications of Miran’s ascent to the Fed. While his term is limited, the symbolism of his appointment cannot be understated, especially as the White House has been vocal in its desire for interest rate cuts and a broader transformation of the Fed’s leadership. Miran, with his critical stance on the Fed’s past actions and his alignment with the administration’s economic philosophy, seems poised to be a sympathetic ear in the halls of power, even if his tenure is but a fleeting chapter in the ongoing narrative.

But it is not just the halls of high finance that have taken notice of Miran’s nomination. The Bitcoin community, with its characteristic blend of enthusiasm and skepticism, has latched onto a different aspect of the story. Miran, it turns out, has a history of expressing a certain fondness for the cryptocurrency. In a series of tweets that have since become the stuff of internet legend, he declared, “Bitcoin fixes this,” a phrase that has resonated deeply within the Bitcoin ecosystem. This sentiment, along with his advocacy for financial deregulation and the potential role of crypto in driving innovation, has earned him a place in the hearts-and perhaps the wallets-of many in the Bitcoin community.

The reactions on social media platforms have been as varied as they are passionate. MacroScope, a respected voice in the macroeconomic world, hailed the nomination as a significant move, while Steven Lubka of Nakamoto, Inc., highlighted the historical significance of a future Fed governor who has publicly endorsed Bitcoin. Even Alex Gladstein, a prominent Bitcoin advocate known for his critical views on central banks, found himself in a moment of reflection, commenting, “Strange times indeed.”

As the dust settles and the practicalities of Miran’s nomination come into focus, it is clear that his tenure, however brief, will be marked by a dual focus: on the internal governance of the Fed and the scope of its operations. His writings suggest a desire to return the Fed to a more narrowly defined role, focused on price stability, and to cordon off the non-monetary functions that have, in his view, blurred the lines between fiscal and monetary policy. These proposals, if implemented, could represent the most significant restructuring of the Fed’s institutional framework in generations.

For now, the clock ticks, and the eyes of the financial world are fixed on the Senate, where Miran’s confirmation will be decided. Should he take his seat, he will do so for a limited term, but one that could set the stage for a much larger game. The end of Chair Powell’s term in May 2026 and the broader reshaping of the Fed’s leadership will be the next acts in this unfolding drama. As for Bitcoin, it continues its own dance, trading at a robust $116,550 at the time of this writing.

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2025-08-08 09:50