Bitcoin Rises as Trump Nominates Pro-Crypto Economist Stephen Miran to Federal Reserve Board

President Donald Trump has nominated Stephen Miran, chairman of the Council of Economic Advisers and a known Bitcoin supporter, to fill a vacant seat on the Federal Reserve Board. Miran is set to serve until January 31, 2026, pending Senate confirmation.

Following the announcement, Bitcoin's price rose by 2%, reaching $117,500, as investors anticipate a more accommodating stance toward digital assets under Miran's influence.

Miran has publicly advocated for integrating digital assets into traditional financial systems and has expressed support for Bitcoin on multiple occasions.

Some analysts caution that Miran's appointment could lead to concerns about the Federal Reserve's independence. Greg Magadini, director of derivatives at Amberdata, warned that if the Fed loses its independence and ability to fight inflation, it could echo the risks seen in the 1970s.

The Senate Banking Committee plans to hold hearings on Miran's nomination, but the confirmation process may be delayed due to the congressional recess and broader legislative deadlines.