The market always creates opportunities amid uncertainty. This round, the gate of liquidity may open even faster than we imagine.

As a trader who has experienced multiple cycles, I have recently been paying close attention to the policy tendencies of the successor to Federal Reserve Chair Jerome Powell. This reminds me of the situation in 2020—when the pandemic just broke out, and the massive liquidity injection hadn't officially started yet, but those in the know already sensed something. Many people lost their grip in the midst of confusion, watching Bitcoin emerge from that spectacular rally. The current situation feels familiar, and we seem to be standing at another turning point.

The recent dramatic change is: the previously confident "dovish" Harker has fallen out of favor, while the "reformist" Waller has gained the favor of Trump. It is said that after a meeting with Trump, Waller's attitude shifted noticeably, while Harker's early advocacy for the Fed's independence may have caused Trump to feel displeased.

**The True Meaning of the Fight for Fed Chair**

This personnel competition is far more than a simple personnel change. It essentially determines the flow of global capital and market expectations over the next few years. The current Chair, Jerome Powell, will end his term in May 2026, and Trump has already made it clear that he intends to nominate a successor more inclined toward easing policies.

Harker was once the favored candidate. As the director of the White House National Economic Council, he holds a solid position within Trump's circle and has publicly stated that if he becomes Fed Chair, he would "quickly initiate rate cuts." More intriguingly, he owns stocks worth millions of dollars in a major crypto platform, which is rare among Fed officials.

However, political winds are unpredictable. In major prediction markets, Waller's support has already risen significantly. This "dual Kevin" contest essentially signals that the next Fed Chair will inevitably bear the deep imprint of the Trump era, which has profound implications for global liquidity and the pricing mechanisms of crypto assets.