Newly appointed Federal Reserve chair Warsh today held the shortest policy press conference in history, wrapping up in just 30 minutes and directly saying he would not provide forward guidance. Markets will have to guess from now on. This may not necessarily be bad for $BTC . The less transparent the Federal Reserve is, the greater the uncertainty becomes, and the more capital flows into assets that are resistant to censorship. Citigroup today was forced to close positions at a loss because it misjudged how hawkish the tone would be, but this kind of strong dollar won’t last long. What’s even more subtle is that the White House is hosting a state banquet for guests while also sending messages to Europe about adding tariffs. They’re talking about cooperation while swinging the big stick. But what really concerns me isn’t any of that—it’s the working group Warsh mentioned, tasked with reexamining the Fed’s communication mechanisms. What exactly will this group change? He deliberately didn’t say. That’s the real suspense that will move the market going forward. Do you think if the Fed becomes less transparent, $BTC will rise first or fall first?