Bitcoin rebounded to near $117,500 following President Trump’s surprise nomination of economist Stephen Miran to the Federal Reserve Board, according to Decrypt. Miran chairs the Council of Economic Advisors and has publicly supported Bitcoin and would fill the seat vacated by Adriana Kugler and serve through January 2026. Trump described Miran’s economic expertise as unparalleled and said he served with distinction during the 2016 administration. Amberdata’s Greg Magadini described Miran as “dovish” and warned that loss of Fed independence could mirror the inflationary 1970s. He cited rising gold prices, weak Treasury auctions, and above-target inflation as signs of market concern. Magadini said Bitcoin could benefit from inflation fears, despite the crypto market’s smaller size compared to traditional assets.
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