Donald Trump, known as the first cryptocurrency-friendly president of the United States, once again draws attention to economic shifts and his policies.
How Does Trump View Cryptocurrency?
Trump advocated for interest rate cuts while spotlighting the surge in digital currencies. His comments followed remarks from Federal Reserve member Musalem, suggesting it might be too early to cut rates.
Trump’s Criticisms of the Federal Reserve
Trump praised the unprecedented achievements of tech and industrial stocks in NASDAQ, highlighting the booming cryptocurrency market. He emphasized that the U.S. has been collecting significant tariffs, insisting on the need for the Federal Reserve to cut rates to tackle inflation. Trump criticized Federal Reserve Chair Jerome Powell, suggesting that hesitations in cutting rates are tarnishing the U.S.'s global image.
Cryptocurrency Market Influenced by Tariff Policy
Bitcoin is currently valued at $111,000, indicating expectations for a possible rate cut in July at 6.7%, with much higher September predictions at 64%. However, this sentiment has decreased following discussions surrounding tariffs. Trump's tariff strategy also positively impacted NVIDIA's stock, leading to a 47% rise.
Should Trump proceed to send his tariff correspondence to the EU, it promises significant changes in the evolving economic landscape. JPMorgan CEO Jamie Dimon recently commented, stating, "Europe is in trouble, the world is in trouble."
