The weather is about to change $BTC BTC！

If Kevin Hassett is elected as the Chairman of the Federal Reserve, a monetary storm that will overturn the Powell era is about to hit — a three-stage script of short-term liquidity frenzy, mid-term inflation out of control, and long-term collapse of dollar credit has clearly emerged.

He is by no means a Powell-style "gradualist", but a super dove with a "growth first" gene. Hassett has repeatedly called for "immediate interest rate cuts", even advocating for a cumulative cut of 100 basis points by 2026, with his rate cut speed potentially reaching 2-4 times that of Powell.

More radical is his view that the 2% inflation target is a "flexible upper limit", tacitly allowing prices to remain above the target for a long time. Once in power, he is likely to restart quantitative easing, completely ushering in an era of massive money printing.

This operation of "sacrificing inflation for growth" essentially transforms the Federal Reserve from an "anti-inflation guardian" into a "White House policy tool".

In the next year, the market will face two extreme scenarios, but gold remains a certain winner:

Optimistic scenario: aggressive interest rate cuts + QE injecting massive liquidity, leading to a systematic rise in stock market valuations, with growth stocks leading the way, combined with a weakening dollar, gold, as an anti-inflation asset, will soar synchronously;

Pessimistic scenario: loose policies fail to translate into effective growth, instead triggering a vicious cycle of debt monetization, putting pressure on U.S. debt credibility, stock market bubbles burst triggering a recession in the U.S., and gold, as a core safe-haven asset, will still surge against the trend.

This resonates with the structural decline of the current dollar hegemony: the dollar's share in global foreign exchange reserves has fallen from 71% in 1999 to a thirty-year low of 57.4%. The Trump administration's policies further suppressed capital inflows, accelerating the process of "de-dollarization".

In the next decade, the international monetary system will enter a diversified era of "multiple governance", where the dollar no longer dominates the world, but instead forms a balance of power with currencies such as the euro and the yuan, continuing to erode its dominant position in commodity settlements and cross-border payments.

For cryptocurrencies, the short-term liquidity flooding will directly benefit risk assets, but in the medium to long term, caution is needed against the policy U-turn triggered by uncontrolled inflation or the reconstruction of the global financial order brought about by the collapse of dollar credit.

Regardless, Hassett's election means: the low volatility monetary environment of the past decade has completely ended, and a new era of high volatility and high differentiation of assets has already begun.