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Can Bitcoin Benefit From Trump Firing Powell? Turkey's Lira Crisis May Provide Clues
What to know:
• President Donald Trump's reported plans to fire Federal Reserve Chairman Jerome Powell could accelerate the ongoing sell-off in USD and BTC adoption.
• Turkey's President Recep Erdogan's experience with central bank interference serves as a warning, as it led to a currency collapse and increased investment in bitcoin and stablecoins.
The week has begun on an interesting note, with the U.S. dollar crashing to three-year lows alongside losses on Wall Street, yet bitcoin (BTC), which usually follows the sentiment on Wall Street, stands resilient.
As of press time, bitcoin changed hands near $87,000, representing a 2% gain in the day.