BitGo CEO: BTC bull case is about eroding fiat trust, not interest rates

Mike Belshe, CEO of crypto custody firm BitGo, has stated that the core bull case for Bitcoin (BTC) is not potential interest rate cuts but the erosion of trust in fiat currency. Commenting on the appointment of Kevin Warsh as the new Federal Reserve (Fed) Chairman, Belshe noted on X that Warsh has long been a critic of quantitative easing (QE) and the Fed's excessive asset purchases. According to Belshe, if Warsh is sincere, the era of reflexively using monetary easing policies will end. He outlined two potential outcomes: if Chairman Warsh successfully restores trust in the U.S. dollar, it would be positive for the stability of the financial system. However, if he fails, it would serve as proof that the existing system is impossible to fix, which would be positive for BTC. Belshe concluded that hard money—assets whose supply cannot be easily increased by governments or central authorities—wins in either scenario.