#2026年比特币价格展望 $BTC $ETH $BNB——This year's start has delivered a direct blow to the global capital markets.

The story begins simply: the Trump administration directly issued criminal subpoenas to Federal Reserve Chair Jerome Powell, using the "building renovation investigation" as a pretext to pressure for rate cuts. On the surface, it's about auditing; at its core, it's about undermining the foundation of the Fed's century-old independence. How intense has the market reaction been? Describing it as "all-out emergency" wouldn't be an exaggeration.

Looking at these data points makes it clear: the US dollar index plummeted, hitting its biggest decline in recent years; US stock futures sharply dropped; bond yields surged in the opposite direction. Gold was even more dramatic—breaking through the $4,600 level, with institutions openly talking about $6,000 no longer being a dream. Even more heartbreaking, global central banks and institutional investors started coordinated selling of US Treasuries, with Japan alone selling $20 billion in a single week. This isn't minor; it's a systemic asset reallocation.

The core issue isn't that complicated: the White House wants direct control over that "money printing machine." While applying judicial pressure on Powell, they also hint at installing a more "obedient" chairperson, and are even planning to bypass the Fed with some "mortgage QE" operations. If this combination of tactics is truly implemented, will history repeat itself? Back in the Nixon era, intervention in the Fed directly triggered a decade of stagflation—an nightmare still taught as a classic case in textbooks.

Now, investors face a tough question: how should your assets be allocated? The decline of dollar dominance is no longer just a topic of discussion—market behavior makes the choices of big institutions very clear. They are shorting the dollar and US Treasuries, while aggressively accumulating gold, non-US assets, and assets like Bitcoin that claim to be "non-sovereign hard assets." The battle between bulls and bears has heated up, leaving a few options: stick to traditional dollar assets, shift to gold, increase holdings in Asian assets, or hedge with some Bitcoin.

The ultimate suspense remains: will Powell be able to hold onto his chair? If the Fed's independence truly collapses, will the rate cut door open? Will this reckless gamble of using central bank credibility to win votes inadvertently ignite the next global liquidity tsunami?

There are no standard answers to these questions, but everyone should think carefully—every step of your asset allocation could determine your returns in the coming years.