WASHINGTON (7News) — A 12-foot golden statue of President Donald Trump holding a Bitcoin was installed outside the U.S. Capitol, coinciding with the Federal Reserve’s upcoming interest rate decision on Wednesday.
At 2 p.m., the Fed announced that it reduced its key interest rate by a quarter-point, marking the first cut since Dec. 2024. The cut will lower the short-term rate to about 4.1% down from 4.3%. Last year, the central bank lowered rates three times due to concerns that job growth was slowing and unemployment was rising.
The central bank also revealed plans for two more rate cuts this year. However, only one is anticipated in 2026, which might disappoint Wall Street, as they had expected five cuts by next year.
SEE ALSO | Federal Reserve cuts interest rates by quarter-point
The temporary piece, located on 3rd Street from 9 a.m. to 4 p.m., was funded by a collective of cryptocurrency investors. Organizers said the piece is intended to provoke debate about the future of digital currency, monetary policy, and the federal government’s role in financial markets.
“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 of the collective of crypto investors who have funded this artistic installation. “As the Federal Reserve shapes economic policy, we hope this statue prompts reflection on cryptocurrency’s growing influence.”
SEE ALSO | Federal Reserve poised for first rate cut of the year, possibly a quarter-point reduction
Group members said the statue paid tribute to Trump’s outspoken support for cryptocurrency and is expected to draw attention from observers throughout the day.