Markus Thielen, founder of 10x Research, stated that the market generally views Kevin Warsh's return as a negative signal for Bitcoin. Warsh's emphasis on monetary discipline, raising real interest rates, and advocating for reduced liquidity have led to cryptocurrencies being seen as a speculative surplus that will dissipate when loose monetary policy ends, rather than a hedge against currency devaluation. Warsh previously raised concerns about inflation risks during the 2008 financial crisis and criticized quantitative easing. Currently, Trump is demanding rapid interest rate cuts, which conflict with Warsh's historically hawkish stance, leading some analysts to doubt his ability to cooperate with future rate-cutting policies.