Despite Donald Trump's previous support for a Bitcoin Strategic Reserve, Federal Reserve Chair Jerome Powell stated the Fed has no plans to accumulate Bitcoin. Powell's comments caused market uncertainty, leading to a price dip for Bitcoin. While the Federal Reserve maintains independence in monetary policy, the establishment of a Bitcoin Strategic Reserve might require executive action from the Treasury Department.
Following Donald Trump’s victory as the 47th President of the United States, the cryptocurrency community is optimistic about his earlier pledge to establish a strategic Bitcoin reserve.However, Jerome Powell’s recent comments during a press conference emphasized that the Federal Reserve has no plans to engage in any government initiative to accumulate Bitcoin .
His statement, following the monetary policy meeting, created uncertainty in the market, causing BTC’s price to retreat from its recent highs. Following Powell’s comments, the likelihood of a Bitcoin Strategic Reserve, according to the prediction market, Polymarket, has continued to decline.
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