Connect with us
DAPA Banner

Crypto World

Polymarket Odds for Bitcoin Ally Kevin Warsh Jump to 94%

Published

on

Best Wallet

Join Our Telegram channel to stay up to date on breaking news coverage

US President Donald Trump is expected to announce on Friday his intention to nominate Bitcoin-friendly Kevin Warsh as the next Federal Reserve chair, replacing Jerome Powell, whose term ends in May.

Trump said on Thursday that he will be announcing his pick to replace the central bank’s current chair, Jerome Powell, whose term finishes in May, on Friday morning, with Bloomberg, The Wall Street Journal, and The New York Times reporting that the president is set to announce Warsh as his nomination.

“I’m going to be announcing, I think, a really great choice tomorrow,” Trump said while arriving at the premiere of first lady Melania Trump’s documentary.

Advertisement

According to reports, Trump met with Warsh at the White House, with a Reuters report saying that he impressed the president.

As a result, Warsh’s odds of being nominated as the next Federal Reserve chair surged from 30% to 94% on prediction market Polymarket, with the former frontrunner, BlackRock executive Rick Rieder, seeing his odds rank to 3.4%.

Trump’s Rhetoric Puts Warsh Ahead of the Pack

Kevin Warsh, National Economic Council Director; Kevin Hassett, BlackRock executive; Rick Reider; and Fed Governor Christopher Waller were the final four candidates.

Trump appeared set in his decision, as he said, “It’s going to be somebody that is very respected, somebody that’s known to everybody in the financial world.”

Advertisement

“And I think it’s going to be a very good choice,” Trump added.

Trump has long mentioned Warsh as one of his top candidates for the role, and met with the US president in December for his formal interview.

Warsh served as a Fed governor for five years after being nominated by President George W. Bush. He was also considered by Trump in 2017 for the role of Fed chair, which ultimately went to Jerome Powell.

“A lot of people think that this is somebody that could have been there a few years ago,” Trump told reporters Thursday night.

Advertisement

Trump has continued his attacks on Powell, saying the Fed chair should cut interest rates.

This also benefits crypto, as Warsh holds a far more favorable view of Bitcoin than Powell, who has consistently dismissed the cryptocurrency’s role in the US economy. 

Advertisement

Related News:

Best Wallet – Diversify Your Crypto Portfolio

Advertisement
Best WalletBest Wallet
  • Easy to Use, Feature-Driven Crypto Wallet
  • Get Early Access to Upcoming Token ICOs
  • Multi-Chain, Multi-Wallet, Non-Custodial
  • Now On App Store, Google Play
  • Stake To Earn Native Token $BEST
  • 250,000+ Monthly Active Users

Best WalletBest Wallet


Join Our Telegram channel to stay up to date on breaking news coverage

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Bitcoin Community Weighs Reports of Hormuz Oil Tanker Fees Payable in BTC

Published

on

Dollar, Iran, Stablecoin, Bitcoin Adoption

The Bitcoin (BTC) community is discussing the feasibility and implications of the Iranian government accepting BTC for tolls paid by oil tankers crossing the Strait of Hormuz, a critical shipping lane through which about 20% of the global oil supply passes. 

The reactions were sparked by a Financial Times report, published on Wednesday, which said that the Iranian government was considering BTC payments for oil tolls to avoid sanctions imposed by the United States.

Several conflicting reports have been published since the Financial Times article, which suggest that the tolls are payable in stablecoins or Chinese yuan, according to Alex Thorn, the head of firmwide research at crypto investment firm Galaxy. 

Dollar, Iran, Stablecoin, Bitcoin Adoption
A map of the Strait of Hormuz. Source: Encyclopedia Britannica

BTC advocate Justin Bechler said that stablecoins can be frozen by the issuer and cited the compliance controls introduced in the GENIUS stablecoin regulatory framework as reasons why the Iranian government would not collect tolls in US-dollar stablecoins. He said:

“USDT and USDC include built-in blacklist functions at the smart contract level. When an address is flagged, the issuer can freeze the tokens, rendering them completely illiquid. The law’s enforcement depends entirely on the compliance of issuers.

Bitcoin has no issuer, no compliance officer to pressure, and no freeze function. Iran’s pivot toward Bitcoin follows directly from this structural reality,” he added. 

Advertisement

If the Iranian government begins accepting BTC for oil tanker payments, it would boost Bitcoin’s credibility as a neutral settlement layer for international transactions, advocates say.

Dollar, Iran, Stablecoin, Bitcoin Adoption
Source: Jack Mallers

Related: Crypto Biz: Will Bitcoin secure safe passage through the Hormuz Strait?

Iran would likely use QR codes to collect BTC payments

Thorn estimated that each oil tanker would need to pay between $200,000 and $2 million in tolls to pass through the Strait of Hormuz.

The initial reporting from the Financial Times cited a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, who said that ships would have a “few seconds” to complete payment in BTC.

This suggests that ships would pay via the Lightning Network, a layer-2 payment solution for BTC that allows parties to send transactions in seconds, rather than waiting for the 10-minute block confirmation.

Advertisement

However, the largest known transaction over the Lightning network to date has been for $1 million, Thorn said. 

“More likely, the Iranian authorities would provide a QR code or alphanumeric Bitcoin address to the ships upon approval of their requests to pass through the Strait,” he added.

Magazine: Bitcoin may take 7 years to upgrade to post-quantum: BIP-360 co-author