Mike Belshe, CEO of cryptocurrency custodian BitGo, commented on the inauguration of Kevin Warsh as the new Federal Reserve (Fed) Chairman, stating, "The essence of Bitcoin (BTC)'s bullish argument is not interest rate cuts, but the erosion of trust in fiat currency." Belshe claimed via X, "Warsh has long criticized quantitative easing (QE) and the Fed's excessive asset purchases. If he is sincere, the era of reflexively using accommodative policies will end. If Chairman Warsh restores confidence in the dollar, it will be positive for financial system stability, and if he fails to restore it, it will be proof that correcting the existing system is impossible, which is positive for BTC. Hard money (money that is difficult for governments or central institutions to print at will, so its supply does not easily increase) wins either way."
