The news that the U.S. Department of Justice subpoenaed Powe...

The news that the U.S. Department of Justice subpoenaed Powell was first reported by The New York Times at around 8:04 AM Beijing time on January 12.

At the same time, after the report came out, the U.S. Dollar Index quickly fell and international gold prices surged. Clearly, when Powell was 'attacked,' it triggered market concerns about the Federal Reserve's independence and the sovereign credit of the dollar, which led to a short-term selloff in the dollar and an increase in gold prices.

Around the same time, #Bitcoin also began a continuous accelerated rebound after a slight delay, as I mentioned earlier, the weakening of the dollar’s sovereign credit is beneficial for de-dollarized assets such as gold and BTC.

This has happened twice since 2025, and this is the third time. The more Powell is pressured, the more it will weaken the sovereign credit of the dollar in the short term. Dollar holders sell liquidity, which first flows into gold, then partly into BTC; of course, there are other channels, but my personal focus is mainly on these two.