The power struggle at the Federal Reserve is intensifying, and this storm could far surpass the political circles in Washington.

Recently, Trump once again targeted the Fed—questioning its operational independence and hinting at potential personnel adjustments after Powell’s term ends in May. Although he said "it's too early to discuss this now," in reality, this is no longer just about personnel changes but touches the very foundation of the modern financial system.

The key question is, how fierce will the global central banks' reactions be? Former European Central Bank President Trichet bluntly stated that such actions are equivalent to destroying the principle of "central bank independence" maintained by countries for nearly 50 years. Central bank leaders in the UK, Europe, and other regions have unusually spoken out in unison, supporting Powell and emphasizing that the Fed’s independence is not just an American matter but a cornerstone of global price stability and financial security.

Why are countries so tense? Because once central banks become political tools, the consequences could be quite severe.

First is the issue of dollar credibility. The dollar’s status as the global reserve currency hinges on trust in its stability. But if markets begin to doubt that Fed decisions are influenced by politics, long-term downward pressure on the dollar could structurally increase. This is not short-term volatility but a shakeup of confidence.

Second is the failure of inflation control. If monetary policy becomes politicized, the fundamental goal of price stability may no longer be guaranteed. Imagine if interest rate decisions start considering votes rather than economic data—what kind of chaos would that bring to the global price system?

There’s also the issue of the debt chain. The current global economy heavily relies on a low-interest-rate environment—governments, corporations, and individuals all build their debt on this foundation. If financing costs suddenly rise, a liquidity crisis could erupt instantly.

So, what does this have to do with the crypto market?

History shows that whenever confidence in the traditional financial system falters, funds start seeking alternatives. Bitcoin’s original value proposition was "depoliticization"—it is not controlled by any central bank, operates transparently, and cannot be rewritten by political forces. In an environment where fiat credit is weakening, this trait becomes increasingly attractive.

In the long term, Bitcoin’s narrative as an "inflation hedge" and "decentralized asset" may be further reinforced. Although short-term policy uncertainty and market volatility will cause emotional swings, fundamentally, this power struggle over central bank authority could be re-pricing crypto assets.

Ultimately, this is no longer about whether Trump wants to replace the Fed Chair. It’s a deep-level confrontation over "who should dominate the modern financial system." Every move could rewrite the rules of the game for the dollar, global interest rates, and even asset pricing. The market is waiting and also on alert.