 
 
Bitcoin briefly rebounded above the $117,000 mark after President Donald Trump’s surprise appointment of pro-crypto economist Stephen Miran to serve on the Federal Reserve Board of Governors.
Trump Picks Pro-Bitcoin Economist For Crucial US Fed Seat
Trump wrote on his social media platform Truth Social on Thursday that Stephen Miran would replace the departing Adriana Kugler, and serve through Jan. 31, 2026.
Kugler announced her resignation on August 1, revealing that she would be returning to Georgetown University as a professor.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board,” Trump said.
The president described Miran’s economic expertise “unparalleled” and said he “served with distinction” during the first Trump administration in 2016.
 
Miran, who is currently the chairman of the White House Council of Economic Advisers, is presumably a Trump ally and likely shares his dovish stance on the country’s monetary policy, including federal interest rates.
His first major duty could be as a voting member of the September FOMC meeting, where analysts expect the first rate cut since December 2024.
Trump’s Rate Cut Push To Boost Crypto Markets?
Trump has been unhappy with the head of the U.S. central bank, Jerome Powell, even threatening to oust him. The President has been publicly pressuring Powell to ease monetary conditions further, arguing that it would reduce the U.S. government’s debt burden. However, the central bank has kept its benchmark rate unchanged this year, waiting to see whether Trump’s new aggressive tariff approach could lead to renewed price pressures.
While Trump hasn’t moved to fire him yet, the idea has sparked speculation that a future Fed chair might favor rate cuts and boost risk assets like Bitcoin.
Other major coins and tokens jumped on Friday, with Ether (ETH) recently priced at $3,899.13 — a 2.4% 24-hour growth, according to CoinGecko. Ripple-promoted XRP, the third largest crypto asset by market cap, rose by around 8%, and was trading hands for $3.31.
Source: https://zycrypto.com/bitcoin-sprints-north-as-president-trump-taps-crypto-friendly-economist-stephen-miran-as-new-fed-governor/