Warsh Cites Bitcoin’s Historic Rally and Drawdown, Boosting BlackRock ETF Prospects
Fed chair nominee Kevin Warsh praised Bitcoin’s 17X rally from under $4,000 in March 2020 to a $126,000 peak and its subsequent 53% drawdown over 122 days. He cited Bitcoin’s 20% gain in US-Iran tensions and 21% rise during early COVID versus silver’s 50% slump and gold’s 8% decline.
1. Fed Nominee Embraces Crypto
Kevin Warsh, nominated for Federal Reserve chair, publicly endorsed Bitcoin’s resilience and historic performance, signalling potential regulatory openness to digital assets and increasing institutional confidence in cryptocurrency markets.
2. Bitcoin’s Crisis Outperformance
Warsh highlighted Bitcoin’s crisis resilience, noting its 20% gain during US-Iran tensions and 21% rise at COVID’s onset, contrasted with silver’s 50% slump and gold’s 8% decline in the same periods.
3. Implications for BlackRock
His pro-crypto remarks could accelerate approval and adoption of digital asset products, potentially benefiting BlackRock’s planned Bitcoin ETF and expanding the firm’s share in the emerging cryptocurrency investment market.