The suspense surrounding the nomination of the Fed chairman is still intensifying. Recently, Hassett responded to this possibility with unusual frankness: "I would be very happy to serve the president and the country." This trap of rhetoric is in stark contrast to the ambiguity of another competitor, Walsh— the market immediately sensed a change in the signal of policy direction.

Market data can tell us a lot. By late December, the probability of Hassett receiving the nomination had once surged to 70-80%. Although the official candidate has not yet been announced, the logic on Wall Street is already clear: once Hassett takes office, the Fed is likely to abandon its previous cautious narrative framework and shift towards a more aggressive liquidity policy.

From the perspective of market participants, Hassett claims to maintain independence, but his high degree of alignment with the White House actually suggests a possibility: the supply of dollars may experience a new round of expansion in the coming years. What does this mean for crypto assets? Rather than fixating on inflation data, it is better to closely monitor the policy decisions that the White House may introduce, which could rewrite the global liquidity landscape. Once liquidity is unleashed, risk assets, including cryptocurrencies, are often the first to benefit.