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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Dec 23, 2024 10:00 UTC
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Stephen Miran to Chair CEA: Why Trump’s Pick Is Great for Crypto!
Trump appoints Stephen Miran as Chair of the Council of Economic Advisers.
Miran, a strong crypto advocate, supports clearer regulations to foster blockchain growth and strengthen the U.S. in the digital economy.
Pro-crypto appointments have sparked bullish market sentiment, with Bitcoin and Ethereum seeing modest gains.
What a bold step! President-elect Donald Trump has appointed Stephen Miran as the new Chair of the Council of Economic Advisers (CEA). Miran, a seasoned economist and strong advocate for digital assets, previously served as a Treasury official during Trump’s first term and currently works with Hudson Bay Capital Management.
This appointment comes at a time when many crypto investors are uncertain after the Federal Reserve’s tough stance on Bitcoin.
But will these changes help the crypto market recover? Let’s take a closer look.
A Crypto-Friendly Leader – Finally!
Miran’s appointment is part of a broader effort by the new administration to support and regulate cryptocurrency. He has long advocated for changing U.S. crypto regulations to foster growth and innovation in the blockchain industry. In a recent podcast, Miran emphasized the importance of clear regulations, believing they are crucial for the U.S. to stay competitive in the digital economy.
Miran is known for his independent thinking, especially when it comes to the Federal Reserve’s actions. In 2020, he disagreed with Fed Chair Jerome Powell’s decision to push for more economic stimulus, arguing it was both politically and economically flawed.
As the new head of the CEA, Miran is expected to bring fresh perspectives on economic policies, particularly those related to digital assets like cryptocurrency.
Trump’s Crypto Team in the Making
Miran’s appointment fits perfectly with Trump’s goal to make the U.S. the “crypto capital of the planet.” Trump has proposed bold ideas like creating a strategic bitcoin reserve and has consistently pushed to integrate digital assets into the country’s economy.
Alongside Miran, Trump has appointed Bo Hines as Executive Director of the Presidential Council of Advisers for Digital Assets. While Hines doesn’t have a crypto background, he will work closely with David Sacks, the administration’s “Crypto Czar,” to advance the White House’s digital asset initiatives.
Together, they will focus on developing policies that support the growth of the cryptocurrency market.
Crypto Market Sentiment
The new pro-crypto appointments have already sparked positive sentiment in the digital asset market. Bitcoin and Ethereum saw modest gains following the news, with analysts predicting that Miran’s leadership and Trump’s crypto-forward policies could lead to greater mainstream adoption of digital assets.
Key Bitcoin Levels to Watch
Despite Bitcoin being on the verge of a breakout, analysts are waiting for key policy changes to signal a move into a green zone. Crypto analyst Ali Martinez pointed out that Bitcoin’s key support zone is currently between $97,041 and $93,806. If this support fails, Bitcoin could face a sharp drop to around $70,085, as there is little support below this level.
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With each strategic appointment, the U.S. edges closer to becoming the global hub for cryptocurrency innovation and growth.
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