Influencer claims BTC always drops during Fed Chair transitions

Crypto influencer Ted Pillows said on X that Bitcoin has historically always fallen around the time of a leadership change at the U.S. Federal Reserve. He noted that when Janet Yellen took office as Fed Chair in January 2014, BTC fell 84%. Similarly, the asset dropped 73% when Jerome Powell began his term in February 2018 and 61% when Powell was reappointed for a second term in May 2022. Pillows added that he is curious to see what will happen with the transition to Kevin Warsh. Powell's current term as chair is set to end on May 15. U.S. President Donald Trump has nominated Warsh to be the next Fed Chair, though the nomination has not yet been confirmed by the Senate. If the confirmation process is not completed by then, Powell is expected to continue as an interim chair. His term as a Fed Governor extends until January 2028, allowing him to remain on the board.