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Cryptopolitan 2024-12-22 19:30:00

President Trump nominates pro-Bitcoin Steve Miran to lead his Council of Economic Advisers

Donald Trump has picked Steve Miran, a former senior economic adviser at his 2016 Treasury Department, to lead his Council of Economic Advisers. Miran, known for his sharp opinions on Bitcoin and monetary policy, now steps into a position that will shape Trump’s ambitious second-term economic strategy. Trump announced the nomination on Truth Social, saying, “Steve will work with the rest of my economic team to deliver a great economic boom that lifts up all Americans.” Miran, responding on X, said : “I am beyond honored that President Trump has chosen me to lead his Council of Economic Advisers. I look forward to working to help implement the President’s policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans!” Economic plans loaded with controversy As head of the Council, Miran will be Trump’s go-to figure for economic policy decisions, a critical role given the president’s plans to tackle inflation, renew tax cuts, and launch a wave of protectionist tariffs. Trump claims these will restore manufacturing jobs and boost household incomes, a promise he doubled down on during his campaign. Economic concerns like inflation and stagnant wages helped Trump secure his second term and a Republican majority in Congress. But economists have flagged potential risks in his agenda. Some believe deporting undocumented immigrants and imposing tariffs could drive up consumer prices and inflate the national debt. Trump, unfazed, has brushed off these warnings, maintaining his focus on economic growth and price stability. Bitcoin and Miran: A love-hate relationship? While he’s not a die-hard Bitcoin maximalist, Miran’s public commentary on the asset has been enough to grab the community’s attention. Cryptopolitan ran a quick search of the word “bitcoin” on his Twitter and the results show a nuanced—if a bit skeptical—take on the role of crypto in the economy. In March 2023, Miran replied to Cathie Wood’s suggestion that Bitcoin could act as a “flight to safety” during Federal Reserve rate hikes. “Wait, is she saying Bitcoin moving higher is a reason for the Fed NOT to hike rates?” he asked , hinting at skepticism over Bitcoin’s supposed safe-haven status. His more pointed critique came earlier this year when he called out crypto’s contribution to inflation. Miran claimed “I profoundly believe the income/wealth effects on labor force supply due to the crypto/memestock phenomena were nontrivial drivers of inflation. If the Fed cuts into this nonsense, they’ll re-emerge.” His acknowledgment of crypto’s macroeconomic impact, while not overly enthusiastic, shows he’s at least been paying attention. But Miran has also admitted gaps in his crypto expertise. In a discussion about Bitcoin’s $1 trillion growth from late 2023 to early 2024, he agreed it likely added to inflation but hesitated to quantify its overall impact. He also pointed out that a huge amount of Bitcoin is lost or inaccessible—“sunk on the ocean floor or stuffed in a mattress,” as he put it. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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