Crypto investors have installed a giant, gold-colored statue of Donald Trump holding a Bitcoin near the U.S. Capitol.
Summary
- A golden statue of the U.S. President Donald Trump appeared near the Capitol
- According to organizers, the temporary installation serves to celebrate the Fed’s interest rate cut
- Trump has been pushing for lower interest rates almost as soon as he took office
A towering 12-foot golden statue of Donald Trump holding a Bitcoin appeared outside the U.S. Capitol. On Wednesday, September 17, D.C. residents reported seeing the surreal installation on 3rd Street, across from the seat of the U.S. legislature.
According to ABC7 News, a “collective of crypto investors” funded the installation. According to the organizers, the intent was to celebrate the Federal Reserve’s decision to cut interest rates and the expected effects on Bitcoin’s price.
“The installation is designed to ignite conversation about the future of government-issued currency and is a symbol of the intersection between modern politics and financial innovation,” said Hichem Zaghdoudi, a representative. “As the Federal Reserve shapes economic policy, we hope this statue prompts reflection on cryptocurrency’s growing influence.”
Organizers also wanted to pay tribute to Trump’s support for crypto asset regulations. The installation was temporary, appearing at that location between 9 AM and 4 PM on Wednesday, September 17.
Trump continuously pushed for lower interest rates
Trump has continuously pressured Jerome Powell to lower interest rates, hurling derogatory names at the Fed Chair. The U.S. President wants dramatic rate cuts in an effort to boost economic activity, economic growth, and asset prices. However, so far, Powell has resisted Trump’s pressures, protecting the Fed’s independence.
Interest rates have a significant effect on markets. Lower interest rates make riskier assets more attractive by reducing yields on bonds and other fixed-income products. At the same time, they lower borrowing costs, making leveraged long trades more attractive.
