Yesterday, I discussed this topic with some Bitcoin friends: What happened to the stock market when the new Fed chair (Warsh) was announced? Why was the reaction so strong and mostly downward?

From what I've been reading, Warsh is perceived as hawkish and more orthodox, with a strong priority on controlling inflation.

What I think I understand:

Trump wants lower interest rates, not QE, a lower cost of capital, not printing money.
The market had been pricing in a scenario of greater future liquidity—either through lower interest rates or looser monetary policies—aligned with Trump's pressure on Powell to reduce the cost of capital.

However, the appointment of someone more reluctant to implement QE and focused on monetary order implies that this liquidity won't arrive, or at least not indiscriminately.  Faced with this shift in expectations, there is a widespread outflow of assets that had been driven by speculation and excess liquidity, including stocks, commodities, and even safe-haven assets like gold and silver.

It's not so much about "fleeing to safety" as it is about prioritizing liquidity and repricing the cost of money.

What do I think Trump is aiming for?

To reduce the burden of interest payments on a massive public debt.

To restore global confidence (cheap capital in the US without QE).

To strengthen the dollar.

Warsh's perspective:

Priority to monetary order and the credibility of monetary policy.

Very limited use of QE, only in exceptional circumstances.

Institutional and legal clarity before artificial liquidity.

In this context, Bitcoin could be affected in the short term, but emerge stronger in the medium term as a scarce and non-discretionary monetary asset

Altcoins...