Giant golden Trump statue holding Bitcoin appears outside US Capitol
Crypto investors have installed a giant, gold-colored statue of Donald Trump holding a Bitcoin near the U.S. Capitol.
- A golden statue of the U.S. President Donald Trump appeared near the Capitol
- According to organizers, the temporary installation serves to celebrate the Fed’s interest rate cut
- Trump has been pushing for lower interest rates almost as soon as he took office
A towering 12-foot golden statue of Donald Trump holding a Bitcoin appeared outside the U.S. Capitol. On Wednesday, September 17, D.C. residents reported seeing the surreal installation on 3rd Street, across from the seat of the U.S. legislature.
According to ABC7 News, a “collective of crypto investors” funded the installation. According to the organizers, the intent was to celebrate the Federal Reserve’s decision to cut interest rates and the expected effects on Bitcoin’s price.
“The installation is designed to ignite conversation about the future of government-issued currency and is a symbol of the intersection between modern politics and financial innovation,” said Hichem Zaghdoudi, a representative. “As the Federal Reserve shapes economic policy, we hope this statue prompts reflection on cryptocurrency’s growing influence.”
Organizers also wanted to pay tribute to Trump’s support for crypto asset regulations. The installation was temporary, appearing at that location between 9 AM and 4 PM on Wednesday, September 17.
Trump continuously pushed for lower interest rates
Trump has continuously pressured Jerome Powell to lower interest rates, hurling derogatory names at the Fed Chair. The U.S. President wants dramatic rate cuts in an effort to boost economic activity, economic growth, and asset prices. However, so far, Powell has resisted Trump’s pressures, protecting the Fed’s independence.
Interest rates have a significant effect on markets. Lower interest rates make riskier assets more attractive by reducing yields on bonds and other fixed-income products. At the same time, they lower borrowing costs, making leveraged long trades more attractive.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Bank of England keeps interest rates unchanged as expected and slows the pace of balance sheet reduction.
The Bank of England reiterated its cautious stance on future interest rate cuts, emphasizing that inflationary pressures remain significant. The government's autumn budget may become the decisive factor for the interest rate cut path for the remainder of the year.
Highlights of the Federal Reserve FOMC Statement and Powell's Press Conference
This FOMC decision and Powell’s speech sent a clear signal: the Federal Reserve is resuming rate cuts, but at a more cautious pace, with the core focus on balancing inflation stickiness and the risk of a slowdown in employment.
Initial Jobless Claims Data Stages a "Magic Show": From the Highest in Nearly Four Years to the Largest Drop in Nearly Four Years in an Instant!
Just a week ago, initial jobless claims had surged to their highest level in nearly four years, sparking market concerns over a spike in layoffs. However, the latest data released today presents a dramatic turnaround.
Tokenized Deposits Used to Optimize Cross-Border Settlements
Trending news
MoreCrypto prices
More
