President Donald Trump has dramatically escalated his attacks on Federal Reserve Chair Jerome Powell, calling him a “major loser” and insisting the central bank slash interest rates immediately.
In a Truth Social post on Monday morning, Trump claimed inflation is under control and that delaying cuts could risk slowing the economy.
Trump’s renewed pressure on Powell comes as his administration reportedly considers whether it has the legal grounds to fire the Fed chair before his term ends in May 2026. Although Powell has previously stated that the president cannot lawfully remove him, White House aides are said to be reviewing legal options. Any move to fire the Fed chair would likely face strong resistance and could spark financial market turmoil.
The political drama has already rattled investors. U.S. equity markets fell in early trading, with the Dow, S&P 500, and Nasdaq all slipping more than 1%.
But while stocks dipped, Bitcoin surged. The world’s largest cryptocurrency jumped above the $87,000 mark, gaining more than 3% on the day. Many crypto investors saw the turbulence as a validation of decentralized assets like Bitcoin, which aren’t influenced by political appointments or central bank decisions. As of press time, BTC was trading at $87,166, according to Kraken.
The rise in Bitcoin also reflects broader investor sentiment about inflation and fiat currency debasement, issues that Trump himself has emphasized. With trust in traditional financial institutions wavering and monetary policy under intense scrutiny, digital assets are once again emerging as a hedge in volatile times.