President Donald Trump on Friday announced Kevin Warsh as his nominee to serve as chairman of the Federal Reserve, confirming speculation that intensified overnight as prediction markets sharply shifted in Warsh’s favor.
“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump wrote in a post on Truth Social, praising Warsh’s background in monetary policy, finance, and government service. Trump added that Warsh would go down as “one of the GREAT Fed Chairmen, maybe the best.”
Warsh, 55, previously served as a member of the Federal Reserve’s Board of Governors from 2006 to 2011 under Presidents George W. Bush and Barack Obama, becoming the youngest Fed governor in history at age 35. He also acted as the Fed’s representative to the G-20 and oversaw internal operations as an administrative governor.
Currently, Warsh is a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and a lecturer at Stanford Graduate School of Business. He is also a partner at Duquesne Family Office, working alongside billionaire investor Stanley Druckenmiller.
By the time of the announcement, Polymarket traders priced Warsh’s likelihood of being selected at roughly 95% late Thursday, up from about 39% earlier in the day, while Kalshi markets showed similar probabilities after Trump confirmed he would announce his decision Friday morning.
If confirmed by the Senate, Kevin Warsh would replace current Fed Chair Jerome Powell, whose term is set to expire in May.
The nomination ends weeks of speculation, during which Trump’s shortlist was widely believed to include National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller, and BlackRock fixed-income chief Rick Rieder.
Kevin Warsh’s bitcoin and crypto views
Warsh’s nomination is drawing particular attention from digital asset markets due to his relatively crypto-friendly public comments. Speaking at the Hoover Institution’s “Inflation Is a Choice” event last July, Warsh rejected the idea that bitcoin threatens the Federal Reserve’s control over monetary policy.
“Bitcoin doesn’t trouble me,” Warsh said at the time. “I think of it as an important asset that can help inform policymakers when they’re doing things right and wrong. It is not a substitute for the dollar, but it can be a very good policeman for policy.”
He has also described bitcoin as a generational alternative to gold, remarking that “if bitcoin never existed, gold would be rallying even more right now,” while suggesting younger investors increasingly view bitcoin as “the new gold.”
Kevin Warsh has indirect ties to the crypto industry through early investments in the algorithmic stablecoin project Basis and advisory roles with crypto index manager Bitwise. However, his views remain nuanced; he has previously expressed openness to central bank digital currency frameworks — a position that contrasts with Trump’s firm opposition to a U.S. CBDC.
Despite his openness to bitcoin, Kevin Warsh is widely regarded as a monetary policy hawk. During his previous tenure at the Fed, he consistently emphasized inflation risks, even during periods of economic stress.
Bloomberg Chief U.S. Economist Anna Wong recently summarized the view bluntly: “If Trump wants someone easy on inflation, he got the wrong guy in Kevin Warsh.”
