After Powell's term ends, he expressed his views on Trump's nomination of Kevin Warsh to be the next chairman of the Federal Reserve.
The market generally believes that Warsh's election is bearish for Bitcoin, as he emphasizes monetary discipline, higher real interest rates, and lower liquidity.
This means that cryptocurrencies are no longer seen as a hedge against currency devaluation, but rather as a speculative excess that will dissipate when accommodative monetary policy is withdrawn.
From this perspective, his actions are likely to lead to higher unemployment rates in the 2010s, slower economic recovery, and greater deflationary risks.