Trump Names Stephen Miran as CEA Chair: A Boost for Crypto Markets?

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In a bold step towards making the U.S. a global leader in crypto, President-elect Donald Trump has named Stephen Miran as the Chair of the Council of Economic Advisers (CEA). Miran, a seasoned economist and a known advocate for digital assets, previously served as a Treasury official during Trump’s first term and is currently with Hudson Bay Capital Management. 

This move is considered Trump’s masterstroke to pump the shallowed faith of crypto investors after the Fed’s hawkish stance on Bitcoin dropping Bitcoin to its lowest. Will these moves help crypto recover from the dent? Let’s understand. 

A Crypto-Friendly Leader

Miran’s appointment is part of a series of moves by the new administration to support cryptocurrency. He has always been a strong supporter of changing U.S. crypto rules to encourage new ideas and growth in the blockchain industry. In a recent podcast, Miran stressed the importance of clear regulations, believing they are crucial for the U.S. to stay competitive in the digital economy.

Miran has shown independent thinking, especially in his criticism of the Federal Reserve’s policies. In 2020, he disagreed with Fed Chair Jerome Powell’s call for more stimulus, arguing it was both politically and economically flawed. As the new head of the Council of Economic Advisers (CEA), Miran is expected to bring a fresh outlook on economic strategies, including those related to digital assets like cryptocurrency.

Trump’s Crypto Agenda

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.

Trump also 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 push forward the White House’s digital asset plans.

Impact on Crypto Assets

The series of pro-crypto appointments have already triggered bullish sentiment in the digital asset market. Bitcoin and Ethereum saw modest gains following the news. Analysts predict that Miran’s leadership, coupled with Trump’s crypto-forward policies, could pave the way for a surge in mainstream adoption.

Even though BTC is technically on the verge of a breakout, analysts are waiting for some major crypto policy changes to see a green zone once again. On a cautious note, Ali Martinez, A Known Crypto Analyst shared that Bitcoin’s key support zone is currently between $97,041 and $93,806. If this area fails to hold, there could be a sharp drop to $70,085, as there is minimal support below this level.