The competition for the new chairman of the Fed has reached a critical stage. Trump has narrowed it down to two core candidates: Kevin Hassett and Kevin Walsh. What can we deduce from this move? The new chairman needs to firmly support aggressive rate cuts to pump the economy, and may even change the tradition of independence that the Fed has maintained for a long time.

This policy direction is sending out clear signals, and the market has already reacted.

From the enterprise perspective, TMTG (Trump Media Group) made another move on December 22 by purchasing 451 bitcoins, bringing its total holdings to 11,542 coins, with an asset value exceeding 1 billion USD. Such a large-scale holding action by a mainstream company is not a trivial matter—what does it represent? It represents a real monetary vote on policy expectations.

The deeper change lies in the reshaping of the narrative framework. The White House's understanding of digital assets is undergoing a transformation. From Trump's public commitment to establish a "national strategic reserve" to the actual buying actions of his companies, Bitcoin's identity label is being redefined - no longer just a volatile risk asset, but gradually evolving into a reserve asset with strategic value.

When the inclination for interest rate cuts at the administrative level overlaps with the real layout at the institutional level, the macro environment for 2026 has taken on a new hue. Expectations for interest rate cuts, strategic reserve demands, and liquidity expansion are creating a resonance.