Mike Novogratz has urged followers to buy Bitcoin amid increasing pressure that is being exerted on Jerome Powell.
Powell is facing hostile attacks due to his reluctance to cut interest rates, with some Republicans urging him to resign.
FHFA director Bill Pulte is now routinely targeting Powell in order to push for his termination. His most recent social media post is now accusing Powell of lying during his congressional testimony.
HOT Stories Satoshi Era BTC Wallet Rumor Shut Down by Coinbase Director: Details Ripple CTO Reveals How Many Bitcoins He Has Mined Ethereum (ETH): $3,000 Rally Begins? Bitcoin (BTC): $120,000 Delayed, Shiba Inu (SHIB): Major Price Test Incoming 'Fight for Bitcoin,' Saylor Urges as BTC Struggles at $108,100
Novogratz believes that these are "Banana Republic moves," defending Powell.
Critics argue that cutting interest rates would help to boost the U.S. economy since Powell's current stance causes higher borrowing costs.
You Might Also Like
Sat, 07/05/2025 - 20:00 'Fight for Bitcoin,' Saylor Urges as BTC Struggles at $108,100 ByYuri Molchan
At the same time, Powell and the Fed are not willing to rush to cut interest rates since persistent inflation remains well above the central bank's long-touted 2% target. Premature rate cuts could potentially exacerbate the inflation problem.
Strong job numbers also give more credence to Powell's reluctance to reduce the benchmark interest rate.
Amid this growing pressure, there are some concerns that the independence of the Fed could end up being undermined, with markets previously rejecting the idea of firing Powell.
The central bank head has stressed that interest rate decisions have to be based on data instead of political biases.
Bitcoin proponents such as Novogratz believe that undermining the credibility of the most powerful central bank strengthens the case for the leading cryptocurrency.
Politicizing the Fed could lead to aggressive rate cuts, which will further weaken the dollar.
As reported by U.Today, Novogratz previously opined that the passage of the sweeping tax and spending bill was also bullish for Bitcoin, given that billions would be added to the U.S. deficit.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
