After Powell's term ends, he commented on Trump's nomination of Kevin Wirth as the next Federal Reserve Chairman, stating, "The market generally believes that Wirth's election is bearish for Bitcoin because he emphasizes monetary discipline, higher real interest rates, and lower liquidity, which makes cryptocurrencies no longer seen as a hedge against currency devaluation but rather as a speculative excess. When loose monetary policy exits, this excess behavior will disappear. From this perspective, his approach is likely to lead to higher unemployment rates in the 2010s, slower economic recovery, and greater deflation risks."