Bitcoin has surged to over $117,500 following President Trump's announcement of economist Stephen Miran as his appointee for the Federal Reserve Board. As a known supporter of cryptocurrency, Miran's selection is interpreted by traders as a shift towards a looser monetary policy, positively influencing Bitcoin's market as they anticipate a dovish stance from the Fed. However, some analysts express caution, drawing parallels to the inflationary environment of the 1970s when the Fed’s loss of independence contributed to rampant inflation. They highlight recent economic indicators, including weak treasury auctions and rising gold prices, as signs that the current situation might echo past monetary failures. The latest data showing inflation at 2.6%, exceeding the Fed’s target, adds to these concerns. Overall, while Bitcoin's price increase reflects optimism about Miran's nomination, lingering fears about economic stability and inflation remain prevalent in the market discussions.

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