Trump Bitcoin statue unveiled
A towering 12-foot golden statue of President Donald Trump holding a Bitcoin has been unveiled outside the US Capitol, attracting both crowds and controversy. The statue’s debut coincided with the Federal Reserve’s announcement of a 25-basis-point interest rate cut. ABC affiliate WJLA reported that the statue was funded by cryptocurrency investors.
“Organisers 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,” according to ABC affiliate WJLA report.
According to Hichem Zaghdoudi, representative of the group, said, “This installation is desiged to ignite conversation about the future of government-issued currency and is symbol of the intersection between modern politics and financial innovation.”
“As the Federal Reserve shapes economic policy, we hope this statue prompts reflection on cryptocurrency’s growing influence.”
The announcement came as the Federal Reserve reduced its key interest rate by a quarter-point on Wednesday and signaled it may cut rates two more times this year amid growing concerns about the health of the US labor market.
This marks the Federal Reserve’s first rate cut since December, reducing the short-term rate from 4.3% to approximately 4.1%. Fed officials, led by Chair Jerome Powell, had held rates steady earlier this year while assessing the effects of tariffs, stricter immigration enforcement, and other Trump-era policies on inflation and the broader economy.