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US President Donald Trump is expected to announce on Friday his intention to nominate Bitcoin-friendly Kevin Warsh as the next Federal Reserve chair, replacing Jerome Powell, whose term ends in May.
Trump said on Thursday that he will be announcing his pick to replace the central bank’s current chair, Jerome Powell, whose term finishes in May, on Friday morning, with Bloomberg, The Wall Street Journal, and The New York Times reporting that the president is set to announce Warsh as his nomination.
“I’m going to be announcing, I think, a really great choice tomorrow,” Trump said while arriving at the premiere of first lady Melania Trump’s documentary.
According to reports, Trump met with Warsh at the White House, with a Reuters report saying that he impressed the president.
As a result, Warsh’s odds of being nominated as the next Federal Reserve chair surged from 30% to 94% on prediction market Polymarket, with the former frontrunner, BlackRock executive Rick Rieder, seeing his odds rank to 3.4%.
Kevin Warsh, National Economic Council Director; Kevin Hassett, BlackRock executive; Rick Reider; and Fed Governor Christopher Waller were the final four candidates.
Trump appeared set in his decision, as he said, “It’s going to be somebody that is very respected, somebody that’s known to everybody in the financial world.”
“And I think it’s going to be a very good choice,” Trump added.
Trump has long mentioned Warsh as one of his top candidates for the role, and met with the US president in December for his formal interview.
Warsh served as a Fed governor for five years after being nominated by President George W. Bush. He was also considered by Trump in 2017 for the role of Fed chair, which ultimately went to Jerome Powell.
“A lot of people think that this is somebody that could have been there a few years ago,” Trump told reporters Thursday night.
Trump has continued his attacks on Powell, saying the Fed chair should cut interest rates.
This also benefits crypto, as Warsh holds a far more favorable view of Bitcoin than Powell, who has consistently dismissed the cryptocurrency’s role in the US economy.
Read more on InsideBitcoins.com
